Nuke from Orbit, a fintech startup, has raised £500k in pre-seed funding to deliver more intelligent data security on smartphones.

The UK startup was founded to tackle the problem of stolen phones by providing instant invalidation of stolen data.

According to the company, it can instantly cancel bank cards and SIM cards, as well as instantly secure digital accounts such as banking apps and social media.

The funding comes from several UK-based companies and investors, including Oliver Bridgen, Co-Founder & COO of specialist FX broker Ballinger Group, and Jordan Hallows, founder of Wey Bridging Finance.

‘‘We are thrilled for the support from our investors who believe in our mission to safeguard mobile data,” said James O’Sullivan, CEO and founder of Nuke From Orbit.

“This investment is not just a financial boost, but a propelling force that will catapult us towards expanding our partner base as we gear up to launch our dynamic partner portal,” he added.

O’Sullivan said the company is on a mission to disrupt and redefine the mobile security market.

Nuke From Orbit is looking to partner with financial, telecommunications, social media, De-Fi and other technology providers who give users access to platforms through mobile applications and interfaces.

The UK startup said it will use pre-seed funding to prepare the technology for public beta testing in the UK market in late 2024.

Subsequently, Nuke From Orbit plans to take the service global, prioritising countries with high smartphone adoption, higher crime rates and strong traction in modern financial services such as Open Banking.

According to GlobalData, a research and analyst company, cyber risk is higher than ever, and the consequences of attacks are significant.

According to Cybersecurity Ventures, global cybercrime will reach $10.5trn annually by 2025.

Tackling this issue requires investment, and GlobalData forecasts that cybersecurity revenues will reach $344bn worldwide by 2030.