The Silicon Review
“Covr is a true user-centric mobile security management platform developed with online, mobile banking, and digital payments in mind.”
Covr Security, a Swedish cybersecurity company has developed a unique user-centric mobile security management platform aimed for heavily regulated digital industries that depend on strong customer authentication and privacy.
There are plenty of online security software available on the market, but what sets this Swedish company’s technology apart are mainly two things; the elimination of passwords, being an obsolete and unsecure method for login and authentication, and the focus on user centricity – i.e., putting end users in full control of all transactions using a 6-digit access code and/or biometric data such as fingerprints, for example.
What makes Covr stand out even more is the out-of-band, three-factor strong customer authentication with a secondary channel between the user’s mobile device and the server. Instead of by SMS, every authentication request is sent over IP via this second channel which makes the communication virtually impenetrable to online fraudsters.
“Covr is not the only company to use a two-channel solution with multi-factor authentication, but the technology that handles what happens between the security server and the mobile device is the secret sauce and one of its kind” says Peter Alexanderson, founder and CEO of Covr Security. “In fact, we are unique with our three-factor, two-channel encryption system in the market that seamlessly connects with any partner platform around the world”.
Covr Security was founded in 2015 by cyber-security veteran Peter Alexanderson and serial tech-entrepreneur Patrik Malmberg. Alexanderson, who was instrumental in the birth of the Swedish national standard for online authentication with a 95% adoption rate and 7.5 million users, wanted to go a step further when he subsequently founded Covr. The realization that user-centricity is key led to some unique security features – one of them being that the end users are notified in real-time when an unauthorized person attempts to log in and use their e-mail, credit card or online bank. The user can identify and stop unauthorized, suspicious activity immediately by tapping Yes or No.
“Although our primary focus up until now has been online banking Covr suits all industries that need bullet-proof security between their users and themselves, for example third party payment services, online retail, betting, casinos, or digital home security solutions among others.” says Alexanderson.
One important stepping stone for Covr Security was the admission into the Innohub project in Bangkok last year. Innohub is Thailand’s first ever, international fintech accelerator program – a partnership between Bangkok Bank and Nest. During the three-month program Covr were able to leverage the accelerator program resources and utilize Thailand as a test market. The result of the program is the installation of a POC login and authentication application with Bangkok Bank which soon will be realized in a pilot.
Covr believes that the Asian market is more than ready for the adoption of new technologies because several legacy layers and problems can be skipped. Being a perfect fit, Covr intends to establish a presence in the South-East Asia region with the ambition to have verified customers and partners within the next 12 months. Covr also has equally promising opportunities in Indonesia, Vietnam, and China.
Covr Security is currently located in Malmo, Gothenburg, Stockholm, and Palo Alto and consists of a close-knit team with a dynamic mix of forward-thinking individuals, all devoted to making the internet a safer place. The team believes in commitment, agility, and creative thinking – mindsets that are necessary to thrive in a fast-paced environment built on true entrepreneurial spirit.
Covr has a new release every quarter and each one is adapted to the latest customer and security demands. The latest release for example simplifies Customer sign up process and ease of use of the app through adding QR codes for both on-boarding and authorizing transactions. Also, there is a plan to expand in Europe and Asia by the end of 2018. The company envisions a future where Covr will fortify its pole-position within internet security, and become one of the top players in the market by providing users with better online experience and security.
The Key Executives
Peter Alexanderson, Founder and CEO
Being a veteran entrepreneur in the tech industry, Peter has the merits and credibility to lead the company in this early stage of sales and development. He has had an integral role in several tech startup companies for 24 years and as a consequence, he has gained an aptitude for envisioning and seeing opportunity leading to the creation of solutions in niche markets. Very early on, in 2002, Peter Alexanderson elaborated on the idea to remove passwords for good. Peter saw the need to take security to a new level. As he was a part of the pioneering development team of what today is the Swedish national standard for mobile secure sign in, authorization, and authentication, he created the safest and most advanced cybersecurity platform available at that time.
Patrik Malmberg, Co-founder and COO
Patrik is a pioneer in serial entrepreneurship for 20 years. In the early 90’s Patrik was a vital part of converting a successful Swedish management and consulting company that had been specializing in business development for Fortune 500 companies like Volvo, Telia, and Cisco, to grow into a global software company in e-learning. He has also written the book “Seven principles of self-motivation” which is used as the base for the training and coaching method “7 Step Method”. Patrik has also been instrumental in starting Fabulous Living, Sweden’s first online shopping mall and has developed a new e-commerce platform.
Anette Nordvall, Chairwoman of the Board
Besides the founders, Anette is one of the co-owners. She came onboard six months into the journey. Anette is a creative strategist and business innovator with an aptitude for reactive actions, with engaging and high energy “can do” attitude. Connecting efficient problem solving between idea, business innovation and result. Mrs. Nordvall is an active private tech investor, with STOAF in Sweden, as well as Venture Partner with Capital A Partners, a US-based Nordic Tech Fund. Appointed by Swedish Business Magazine Di Digital as one of Sweden’s Most Powerful Tech-investors 2015, 2016. Named at Nordic100 Most Influential Person 2017. Nominated as Pay-it-forward Investor 2017 at Swedish Start-up Gala.