Stytch reaches unicorn status with $90M Series B, biometrics product ‘coming soon’
Stytch, which provides passwordless authentication through biometrics and other factors, has raised $90 million at a valuation of $1 billion in a Series B funding round to fuel its expansion. The company has also acquired no-code passwordless authentication platform Cotter to help make the process easier for developers.
The funding round was led by Coatue, with participation from several existing investors.
Stytch offers a variety of authentication methods, including email magic links, SMS or WhatsApp passcodes, and OAuth logins. The company is currently beta testing its Session Management and WebAuthn products, and says authenticator app passcodes, native mobile device biometrics and push authentication are ‘coming soon.’
“We believe in building tools and infrastructure that make it easier, faster, and safer to embed authentication into apps and websites,” Stytch Co-founders Julianna Lamb and Reed McGinley-Stempel write in a blog post announcing the fundraise. “We’re making it easy to modernize your authentication flows and build great user experiences by adopting passwordless technologies.”
The company also raised $30 million just months ago to develop their authentication APIs.
Since then, Stytch has grown to include a developer community of more than 3,500, and a user base that includes “a few Fortune 500 companies.”
The financial details of the Cotter acquisition were not disclosed.
The impressive funding round follows an extensive series of investments in digital identity and biometric authentication providers this year, which includes Socure’s $450 million Series E transaction and First AML’s $21 million Series B already this month.