It’s not every day we get to post about venture capital flowing to a Southern African company with global ambitions, but here goes:
The funding will be used to expand worldwide distribution of the company’s mobile password authentication solution into key verticals, FireID says.
With FireID, users generate a one-time password via their mobile phone, even when offline, to access online banking, e-commerce websites, cloud-based applications and VPNs.
The core idea is that this eliminates the need for end-users to remember multiple passwords, to receive passwords via SMS or to carry any other authentication hardware e.g. tokens issued by banks for one-time-passwords.
Because no external sources are required to generate one-time passwords, chances for fraudsters to gain access to your Internet banking account, VPN network or favorite online shopping site are greatly reduced, the company posits.
Founded in 2006, FireID is located in Cape Town, South Africa, with offices in the US and UK.