24 May 2012
Vendep invests in Meontrust, a provider of secure authentication service
Meontrust’s MePIN tool is a smart and secure multi-factor authentication and user verification service for the consumer web. The company’s patent pending technology solves username and password problems, enabling online service providers to verify or sign in users on any computer or mobile device without insecure usernames and passwords.
According to a recent survey Meontrust conducted with a leading international social gaming company, 34% of the gamers thought that their online account had been target of hacking or phishing, 27% had forgotten or lost their login details, 17% had stopped playing because of the lost password, and 50% found the process of retrieving their password insecure, hard or annoying.
MePIN protects the service and its users against phishing and other password hacking, saves customer support costs by preventing password related problems, and increases business by enhancing consumers' confidence to spend more money and by making signing in easy. Consumers sign-in to MePIN with the unique MePIN smartphone app or MePIN USB key and protect their online accounts with ease while the MePIN cloud service offers service providers outsourced secure user authentication and authorization.
“The online services market is immense and continues to experience huge growth, but security remains a major issue. We developed MePIN specifically to address the security issues while also adding value for the consumers. Vendep’s extensive track record in implementing various international online services will be of great value in the further development of the product,” says Markku Mehtälä, CEO and co-founder of Meontrust Inc.
“We are confident that MePIN is an easily scalable product with vast market potential globally. MePIN offers a simple and user-friendly solution to a problem that both consumers and online service providers are tackling every day. Moreover, MePIN is an ideal match to Vendep’s technology expertise,” says Sakari Pihlava, CEO of Vendep.
Markku Mehtälä, CEO and co-founder, Meontrust Inc., +358 50 591 1444, email@example.com
Sakari Pihlava, CEO, Vendep Oy, +358 (0)40 771 3941, firstname.lastname@example.org
MePIN is a service from Meontrust Inc an organisation founded in 2010 to help peoples’ everyday online life by providing a simple and safe way to access their numerous web services. MePIN supports open industry standards, so that consumers and service providers are not tied into one proprietary solution, and uses banking grade Public Key Infrastructure (PKI) at its security core. MePIN is funded by angel and seed investors from USA, Hong Kong and Finland, and supported by the Finnish Funding Agency for Technology and Innovation www.mepin.com
Vendep in brief
Vendep is a start-up accelerator with a unique business model. Vendep works together with entrepreneurs to transform promising business ideas that require substantial software development into commercial successes. Our strategy is to acquire a shareholding especially in start-up companies with business ideas that we believe can be transformed into real innovations. Vendep was established in 2002 and has invested its expertise in over 30 associated companies that develop and offer targeted internet and mobile services for both consumers and enterprises. Vendep has offices in Helsinki, Finland and Silicon Valley. www.vendep.com