FB pixel

Stytch reaches unicorn status with $90M Series B, biometrics product ‘coming soon’

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.

Article Topics

 |   |   |   |   |   |   | 

Latest Biometrics News

 

The UK’s election may spell out the future of its national ID cards

Identity cards are back among the UK’s top controversial topics – thanks to the upcoming elections and its focus on…

 

Challenges in face biometrics addressed with new tech and research amid high stakes

Big biometrics contracts and deals were the theme of several of the stories on that drew the most interest from…

 

Online age verification debates continue in Canada, EU, India

Introducing age verification to protect children online remains a hot topic across the globe: Canada is debating the Online Harms…

 

Login.gov adds selfie biometrics for May pilot

America’s single-sign on system for government benefits and services, Login.gov, is getting a face biometrics option for enhanced identity verification…

 

BIPA one step closer to seeing its first major change since 2008 inception

On Thursday, a bipartisan majority in the Illinois Senate approved the first major change to Illinois Biometric Information Privacy Act…

 

Identity verification industry mulls solutions to flood of synthetic IDs

The advent of AI-powered generators such as OnlyFake, which creates realistic-looking photos of fake IDs for only US$15, has stirred…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read From This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events