Okay AS, formerly known as Protectoria AS until 2020, has its origins deep within computer security R&D. Based in Norway, these origins were planted some time ago in secure email and messaging systems. Yet like many other startups, Okay ended up taking on a directional pivot in 2014/2015 after a thorough analysis of the security market and consumer trends. It was then where the team started on its authentication journey around payment, with a few international patents as a result.
So, where did Okay end up narrowing its focus? For one, the team was sure about zooming in on the emerging European payment standards. So much so that Okay worked on developing its IP to match the requirements of the EBA’s “guidelines on internet payments security”, based on the “SecuRe Pay” recommendations. In a way, those requirements were more strict than those of the PSD2 Regulatory Technical Standards, mainly because they required two separate channels to secure payment.
Evaluations by third parties are also mandatory in this business, so Okay had its first evaluation in 2017 with Security Research and Consulting GmbH.
Although a lot of work was put into developing Okay’s niche technology, the product brand was not aligning with what Okay wanted it to represent: a clean, easy-to-use product that could meet compliance standards and prevent online threats. In addition, some key elements were missing, including a better brand name, a strong market profile, and a clearly defined market strategy.
So, in 2018, the New Normal Group stepped in via its subsidiary Snowball Digital to help Okay package its excellent security technology. At this time, the Okay brand, the ‘Okaythis’ digital identity, and the SaaS offer and platform came to life. At the end of 2018, once the MVP was in place, we then sat down and fine-tuned the sales and marketing strategy. I say “we” because this was when I joined the adventure to help turn this fantastic technology project into an Enterprise cybersecurity vendor for Europe (at least Europe to start with!).
By 2019, we were able to hit the market full-steam ahead, onboard our first customers and strategic partners, and set up our production rollouts for 2020 - the year we went live with our first production site in the middle of a Covid-19 lockdown.
In 2020, we also re-evaluated our product for a second time with SRC GmbH. The result was a success, showing which articles of the RTS we were able to support. To quote the final report from the evaluation:
Okay AS makes use of industry-wide accepted best practices in its design and use of technology, especially in cryptographically securing and authenticating its credentials and its client-server communication. Therefore, the Okay Secure Platform can be considered a state-of-the-art solution, protecting against known forms of attacks and innovative future malware attacks.
However, because we sell to financial institutions and banks, we saw that the product’s security was not enough; We also needed to show - specifically to enterprise vendors - that we were a safe and trustworthy organisation to do business with. This is why we started on the road to a complete SOC2 compliance process in 2021.
A saying reads, “the customer owns the truth”, and we take this to heart. It’s why in 2020 and 2021, we listened closely to our customers to help bring significant improvements to the Okay product. The core product, our security mechanisms, did not change. Instead, we made a major improvement by easing the integration of the security mechanisms to the bank user interfaces, going from months to just days.
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As we step into 2022, we’re reaching another milestone in our journey. To continue to grow in Europe, begin growing outside of Europe, and deliver those top services to our customers and partners, we are looking to expand the team with talented individuals for every aspect of the business. We are also getting ready for external investment, setting the stage for scaling-up, and finding a proper office in the UK, which has been our most substantial market - even post Brexit!
All in all, this has been and still is an incredible business adventure for us - one that helps you wake up in the morning with a smile on your face. But don’t get me wrong: we still need to manage startup life’s many ups and downs. Luckily for us, everything is just a bit easier when you can count on solid investors and a wonderfully dedicated team.
See you in 2023 for the next company update!