Swiss cybersecurity startup Futurae has seen strong growth in the past 12 months, portrayed by a 110% increase in usage over the last 12 months, new customers and signing multiple partnership with core banking providers. The newly appointed CEO, Philippe Cayrol, will drive the company in the next phase.
Futurae Technologies provides companies with a seamless end-user authentication, transaction confirmation, and fraud prevention solution, securing millions of customers of some of the world’s largest banks and financial institutions, online retailers, hospitals, or public institutions. As the global cost of fraud for banks is predicted by Nilson to reach $40bn in 2027, fuelled by a steep rise of online fraud, Futurae's solutions have risen to meet the escalating demand.
The past 12 months have been particularly fruitful for the startup: the company has experienced remarkable growth, with a 110% increase in usage, now enabling several million end-users of banks and fintechs. This growth correlates positively with the increase in revenues.
The customer base has also continued to grow with new customers – joining a distinguished list of over 120 institutions in Switzerland, Germany, France, UK, Italy and the Middle East are new clients and partners such as Rothschild & Co., Barclays, Netcetera and Raiffeisen. These clients have been convinced by the strength and modularity of Futurae's technology, which foster high standards of security whilst decreasing end-user friction. In fact, Futurae became the default solution for core banking system Finnova and signed partnerships with other core banking providers, Avaloq and Temenos. On the technology side, the company has implemented its solution with new, tech-savvy clients such as Viva Wallet and Qonto (both fintech Unicorns).
The startup’s team has also more than doubled over the past two years, growing from 25 to 44 people. Next on the roadmap is a Fraud Intelligence Platform, that leverages the insights the company gets from its millions of users to deliver fraud prevention insights and uses pattern recognition of online behaviour to detect fraud live when it happens and block it.
To further accelerate its growth, Futurae has welcomed Philippe Cayrol as the new Chief Executive Officer (CEO), succeeding Sandra Tobler who will remain Chairwoman and operationally transition to the role of Chief Customer Officer (CCO). Philippe Cayrol, a seasoned executive with a notable track record in both the tech industry, including roles at BlaBlaCar and Loanboox and the financial sector, with prior experience at J.P. Morgan.
“We are delighted to welcome Philippe to the team. The team has reached very strong development milestones in the last 2 years and Philippe’s experience will help us to push our growth further on a global level", said Chairwoman Sandra Tobler
“I am honoured to lead one of Switzerland's most dynamic SaaS companies. Our clients have shown deep trust in our products, and our rapid growth presents an exciting opportunity. We enhance security while providing a seamless user experience, with the ultimate goal of establishing Futurae as a European leader in cybersecurity for banking, fintech, insurance and payment industries”, said Philippe Cayrol.
Further leadership changes
In tandem with the CEO appointment, Futurae is implementing strategic changes to its management team. Claudio Marforio and Nikos Karapanos, co-founders of the company, will assume the roles of Chief Product Officer (CPO) and Chief Technology Officer (CTO), respectively. Linda Brunner will take on the position of Chief Operating Officer (COO). These changes are designed to reinforce Futurae's leadership and drive innovation in cybersecurity.
(Press release/RAN)
Photo from left to right: Claudio Marforio, Linda Brunner, Philippe Cayrol, Sandra Tobler, Nikos Karapanos
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