Spanish startup Arengu, helping companies to automate forms and improve security and user experience, has announced this morning closing a new funding round of €500K. The funding round was led by VC fund K Fund, business angel group Lanai Partners, and business angel Rafael Garrido.
Arengu, founded in 2018 in La Coruña by Jacobo Vidal, Sergio Regueira and Pablo Castro, helps companies to easily create and control online forms. Its SaaS tool uses low-code automation, and also includes a data verification process to avoid fraud. The final result is a smoother user experience and onboarding for customers, saving them time and making the whole process more efficient and safe.
“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.” said Jacobo Vidal, CEO of Arengu.
In the beginning, 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 out 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 highlighted.
Beyond the convenience side aspect, users are also worried about their online security. 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. 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.
“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,” said CEO Vidal.
Today, Arengu processes more than 800,000 sign ups every month and keeps on growing working both with small startups. It has already seen positive effects for its clients, for example Privalia (part of VeePee) achieved +37 % growth on conversions using Arengu’s technology, and Grupo Posadas (a company on the Mexican stock market) eradicated fraud on their sign up processes.