Spanish startupArengu, which builds a technology solution that allows any company to build and automate their signup process in order to improve their user experience, has closed a new funding round of 500,000 euros. The funding round is led by K Fund (a venture capital fund), Lanai Partners (a business angel group), and Rafael Garrido (renowned business angel). The company was founded in 2018 by Jacobo Vidal, Sergio Regueira and Pablo Castro three Spanish entrepreneurs under 30and its main product allows companies to create and control online forms on any device, optimizing the access and simplifying user's login thanks to its SaaS solution.

“As users, we are tired of sharing our email and password over and over again to signup or login on a web page or app. On the other side, companies are concerned that this information is stored safely and that the user experience is as smooth as possible for the final user. Therefore, we thought on focusing our technology on optimizing both the creation and implementation of these processes- so they do not become an inconvenience for companies and so they improve the final user experience to sign up with just a click,” Jacobo Vidal states, CEO of Arengu.

In its beginnings, Arengu strived to create a solution that allowed forms to be generated and managed via an API, since many websites required these forms to be fulfilled before integrating them on their systems. “We realized that the solution we designed not only could cover one simple use case for instance, a contact form that sends an email notification or that stores data in a CRM. We could also easily cover more technically-complex use cases: signup forms, email or SMS verification forms, social login, etc. All of this is possible thanks to our technology’s capacity to connect to any system to send and receive data”, Vidal highlights.

Additionally, Arengu allows verification processes to be added so fraud and spam can be avoided, helping businesses to secure a highly filtered data collection, and monetizing resources and investments, especially on paid media campaigns.

Nowadays, Arengu processes more than 800,000 signups every month and keeps on growing working both with small startups, as well as sizable clients like Privalia (part of VeePee) achieving a +37 % growth on conversions using Arengu's technology or Grupo Posadas (a company on the Mexican stock market) eradicating fraud on their signgup processes.“In some cases,we discovered that 65 % of users were fake, and we blocked 95 % of these signups in their CRM, improving their databases quality and generating an exponential growth on their campaigns,” Vidal states.

Towards a safe future without passwords

In recent years, massive online password leaks have risen considerably, going from 600,000 affected users in the first semester of 2018 to more than 940,000 in the same period in 2019, according to Karspersky, an international company dedicated to cybersecurity. Even the industry giants like Facebook or Telefónica have been affected by these cyberattacks.

“For this reason, Arengu wants to innovate, striving to a password-free integration on forms, reducing the users' vulnerability against a cyberattack on their data. We know that in the next few years, passwords will disappear, simplifying the process, avoiding technical issues and security breaches for companies, and optimizing user experience so they can signup with just one click, without the need of passwords on every webpage or app,” Vidal says.

About Arengu– Arengu is a company founded in 2018 by Jacobo Vidal, Sergio Regueira and Pablo Castro, three Spanish entrepreneurs under 30, who developed a SaaS solution to simplify user signup processes on forms and flow creation, with Arengu also adding data verification process to avoid fraud.www.arengu.com

Fuente: Arengu / K Fund

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