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Cyril Lalo

Chief Executive Officer and Founder

Cyril Lalo is the Chief Executive Officer and Founder of Ellipse. His global leadership experience, innovation, strategy, and vision push the payment industry further. 


Prior to Ellipse, Cyril founded and acted as CEO of NagraID Security Group. Cyril led his NagraID team to design and develop industrialization capabilities for innovative security and authentication solutions for multi-component complex cards. He pioneered the development of the non-violent lamination process that allows sensitive electronics and active components to be embedded in credit cards. He sold NagraID Security Group in September 2014 to Oberthur Technology (IDEMIA), where he became Worldwide Head of Payment Indirect Sales.

Cyril’s passion for complex technology led him to invent and patent the first reliable mass-produced payment card with a built-in LCD display and touch-sensitive keypad (Display Card). He was able to lead his team to create the first production line for the mass manufacturing of complex components in an ISO 7810 thickness card; the process was certified by Visa and MasterCard.


Cyril and his team developed the first Display Card to generate and display one-time-passwords, providing a strong two-factor authentication for e-banking and e-commerce. These innovative cards gained industry-wide recognition and are deployed by prestigious card issuers worldwide such as Bank of America Merrill Lynch, PayPal, Erste Bank, and Standard Chartered Bank. They were also deployed by authentication industry leaders such as RSA, Verisign, Vasco, Symantec, and Gemalto. 


Cyril’s expertise in the payments and authentication space led him to invent, develop, and deploy the first revolutionary card product and process to secure Card-Not-Present transactions: the dynamic CVV/C2 card. 



  • Founder and CEO of nCryptone founded in 1999 (sold to InCard in June 2006)

  • Inventor of the first patented AudioSmartCard (which utilized sound to vehiculate an ID and two OTPs) in 2001

  • Invented the first Display Card with an AudioSmartCard prototype in 2002

  • Launched the first Commercial Display Card with Vasco in 2003

  • Inventor of the patent: “Method of Securing Operations Over a Network and Associated” to solve the “Man in the Middle” attacks in 2004

  • Launched the first Display Card with Visa at Cartes Paris in 2005

  • IPO of InCard on the NASDAQ in 2006

  • Founder and CEO of NID Security, founded in 2008 (sold to Oberthur Technologies in September 2014)

  • Inventor of electronics assembly line setup and mass production line - 450K units/mo capacity, scalable to 2M/mo in 2008

  • Launched the first MasterCard DisplayCard in 2010

  • Largest issuance of MasterCard DisplayCard with Standard Chartered Bank in 2012

  • Largest issuance of DisplayCard with Gemalto and Banco Bicentenario in 2012 (over 1 million cards in 6 months)

  • Inventor of the first DCVx2 card in 2011, which won the 2015 American Sesames Award for Best Innovation in the Card Payment Industry

  • Set up a new facility for Display Card embedding/manufacturing in Schenzen in 2015

  • Launched the first DCVV2 Card with Caisse d'Epargne and Banque Populaire

  • Largest issuance of DCVV2 Card with Société Générale


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