Funding

Czech-based Talsec Raises €1 million in First Round Funding

Apr 23, 2024 | By Startup Rise EU

Talsec, a technology company Monet+, Talsec, after two years of organic growth, raises €1 million in first round funding from Dig Ventures, located in London, and DEPO Ventures, based in the Czech Republic. The purpose of this finance is to facilitate its further development and hasten its entry into the international market.

Talsec, a technology company Monet+, Talsec, after two years of organic growth, raises €1 million in first round funding from Dig Ventures, located in London, and DEPO Ventures, based in the Czech Republic. The purpose of this finance is to facilitate its further development and hasten its entry into the international market.

By providing specialised tools for app developers that guard against hackers, hide important data, and identify harmful software, Czech firm Talsec hopes to alter this viewpoint.

As a mobile app security agent, Talsec has already safeguarded over a thousand applications from businesses such as the Czech Ministry of Interior, the insurance company Generali and VIG, and fintech startups BrasilCard, by.U, and Novücard.

Its simple deployment and freemium B2B business model make it popular among developers who want to protect their mobile apps from serious attacks and follow top security standards.

Read also - Poland-based bValue Secures €90Million in Funding

With an average annual growth rate of almost 12%, the worldwide mobile banking industry, which was estimated to be worth 773 million USD in 2022, is predicted to reach 1.8 billion USD by 2030. Neobanking is expected to take a larger market share as new firms compete with established banks. Two years ago, fintech investments totaled $75 billion USD.

Sergiy Yakymchuk, founder and CEO of Talsec said, “We decided to enter the market with a product that offers protection for mobile-first businesses, with an initial focus on fintechs. We want Talsec, with its freemium toolkit, to become standard for developers needing to ensure the security of their applications and their users. This year, we are on track to multiply our audience and revenue and significantly expand awareness of our products within the developer community, This native Ukrainian has over fifteen years of experience in security software and ten years in managing security products at companies like Gemato and Thales ".

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Rytis Vitkauskas, partner at Dig Ventures, an early enterprise-focused venture capital fund started by Ross Mason, founder of Mulesoft said, “The Czech Republic has given rise to multiple community-centric, category-defining software companies, from Jetbrains to Avast, and now Talsec too. The strength of the fundamental computer science training in local universities, as well as the prevalence of several cyber security companies, means that companies such as Talsec emerge with unfair advantages and have a chance to redefine entire software categories. This is our third investment in the country following Deepnote and Rossum, we are excited to continue to support the next generation of enterprise innovators here,”.

Michal Ciffra, partner at DEPO Ventures said, “Fraud prevention in mobile applications is an important and growing market opportunity. The technology Talsec employs addresses this challenge effectively. Unlike its competitors, Talsec boasts a highly scalable distribution model, enhancing its chances of success. Its initial product is developing rapidly and showing remarkable results. Since we began following Talsec last July, their growth has doubled,”.

About Talsec

Talsec is a community-focused and academically grounded mobile security firm. They provide Fintechs with a set of User Safety tools and in-app protection. They fill in the gaps between the stringent security standards of the financial industry and the user's sense of app safety.

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