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Wultra Annual Summary for 2019

Looking back at 2019, I must say that we had another great year. There are some things that worked exceptionally well… and some that did not. I would like to share my views on both of them.

Financial Results

Revenue Breakdown by Activity Type

Revenue Breakdown by Product Line

Revenue Breakdown by Country


Product Development

  • We introduced a new product: “Antivirus for mobile banking” — built-in antivirus protection for mobile banking, currently deployed with four banks. We helped to identify several login-stealing malware instances already.
  • Our product development and software engineering work extremely well in general, improving our already established products, organizing their work efficiently on Github and documenting everything on our Wultra Developer Portal.
  • Lukáš Lukovský joined the team and built the Antivirus plugin back-end.

International Sales Team

  • In March 2019, we started building a sales team to drive our international expansion. We introduced both a local sales branch in Prague and a remote, fully independent branch in Athens/Tirana. The 9 month period is indeed not sufficient to launch an international presence for a company of our type. Our typical sales cycle is 12 months. We still have a lot of work to do in the sales and international business development areas.
  • Prague: The sales branch in Prague, led by Tereza Gagnon, does a great job so far and is mostly responsible for the company growth in 2019. For 2020, we will invest more resources in the local sales branch.
  • Athens/Tirana: The up-to-date results of the remote branch in Athens are inconclusive. We will be evaluating the performance and strategy for international sales at the end of Q1/2020. However, I already see that we made an unwise choice by attempting to cover the CEE / SEE region by generic sales, instead of slowly building quality relationships with the selected key customers. We will definitely change this and we will take a more focused and targeted approach in 2020.

New Projects in 2019

Awards and Certifications


And one more thing…

  • QA Engineering
  • DevOps
  • Project Delivery
  • Sales



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Petr Dvořák

CEO and Founder of Wultra. Speaker. Author of PowerAuth, QR Platba and 6 mobile banking apps. Interested in #business, #mobile, #tech and #security.