Company and Team Background
BankVault Pty Ltd is a cybersecurity innovation company pioneering web security. We have over twenty five innovations, six Patent families filed worldwide, and high-caliber shareholders including Turing Laureate – Whitfield Diffie (the father of internet encryption).
The team has forged a jet stream of successful innovation. By continually building on the shoulders of earlier works, they ensure a strong pedigree and unique thinking. This has amassed a treasure chest of technologies, patents, and trade secrets, all underpinning a roadmap ahead of upcoming product releases.
BankVault’s original technology was a derivative of a cloud computing platform the team had developed. Codenamed Rainmaker, it built and deployed virtual machines in 2-seconds, during an era when competitors like AWS were taking 40-minutes. The architecture ensured these machines each had the latest version of software – ensuring “Future-proof computing – built in seconds”. It also overcame an important issue in computing called the Boot Storm problem. The technology was recognized by Rackspace and profiled by Robert Scoble in his his Silicon Valley video series.
In 2015 the team applied this same technology to solve a different problem – Trust bank accounts were successfully being hacked despite using 2FA. The sales cycle reduced from 10-months to 10-minutes, the system sold for 10x the price, and the costs of delivery was 1/10th. It represented 1,000x leverage and BankVault was born, focusing on cybersecurity for banking. It won Top Fintech Startup worldwide in 2016 at Silicon Valley Forum’s World Cup hosted by Microsoft. The technology was presented to the US President’s Senior Advisor on Cybersecurity, and was signed by Equifax to sell BankVault into its customer base.
In July 2020 the company announced the release of MasterKey, an intelligent new approach to Passwordless Authentication for web login portals. In 2021 they added support for PassKeys (FIDO2/WebAuthn standard) and in 2022 won Best Overall Innovation at the Indo Pacific Maritime Defense Expo. Today the company is leveraging MasterKey’s unique strength for seamless mass adoption with massive SaaS marketplaces, presenting a remarkable opportunity to achieve geometric acceleration.
The team’s vision is to establish MasterKey as the trusted default for web security.
The company was founded in Perth Australia and now has offices in San Francisco and a team spanning the US, Europe and Oceana.
MasterKey's debut SaaS marketplace is Odoo ERP, serving a SOM of 300,000 SMBs. Any of these organizations can deploy it in 3-5 minutes, initially free.
Winner - BEST OVERALL INNOVATION
Indo Pacific Maritime Defense Expo.
Support for PassKeys (FIDO2 /WebAuthn) released.
MasterKey Unveiled - a new approach to Passwordless Authentication for web login portals based on a novel decentralized web protocol.
2019The company released an Invisible Keyboard for Webservers, a radically simple new innovation for enterprises to secure the users and customers logging into its web portal from compromised devices.
Released new browser VDI and products: WebSafe, SafeWindow, and a new concept “Invisible” crypto-wallet.
Equifax signed to sell BankVault's products into their client base.
Presented to the U.S. President's Senior Advisor on Cybersecurity.
2016The company won Top Fintech Start-up Worldwide, in Silicon Valley Forum’s World Cup Tech Challenge, a competition spanning 30-50 countries.
BankVault launched as a hardware device coupled with a supercomputering cloud platform infrastructure.