A Stellenbosch-based startup Entersekt has received funding from the financial technology (fintech) backing arms of Rand Merchant Investment (RMI) and Nedbank. In a statement released on Wednesday, the financiers said they had acquired a minority stake in Entersekt in a "multi-million dollar transaction". The funding is via RMI’s AlphaCode, described as an innovation hub for fintech entrepreneurs, and Nedbank Private Equity’s BoE. "Entersekt’s patented security products already protect close to 100-million transactions monthly and comply with the most stringent global regulatory guidelines. While the focus is financial services, the products and solutions have wider application in industries such as healthcare and insurance which also face security and regulatory challenges," the financiers said. Entersekt has already secured several large banking clients including Absa, Nedbank, Capitec, Investec, Swisscard, Equity Bank, Ecobank, Pluscard and First Bank of Colorado. AFP

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