Argentinian cybersecurity startup VU Security has raised US$12 million, announcing plans to expand footprints to Brazil.
Brazil is the perfect place to sell cybersecurity solutions, says the startup, citing a recent survey by the Brazilian Federation of Banks that found a significant jump in online frauds in the country.
Founded in 2007 in Argentina, VU Security makes much of its money by arming banks with digital identification solutions.
Among the investors who participated in this series B funding round include the Argentinean software firm Globant, Telefonica, and the IDB Lab.
Under the terms of the investment, Globant would also become the startup’s distribution partner.
With more than 150 employees, VU Security counts regional banking giants such as Santander and Prisma among its clients.
A report from Techcrunch says the company is also looking to hire software developers to reinforce its biometric authentication service. In late 2020, the startup leveraged voice and face biometrics to create an authentication solution for teleconferencing.
In addition to biometrics, it uses the user’s geolocation and ‘online persona’ to verify his identity.