Transmit Security updates biometric passwordless authentication suite, reports record growth

Transmit Security announced record growth figures alongside updates for its customer identity and access management (CIAM) products, as well as a rebranding of its offering.

The company said, since June 2021, its first-half revenues have grown by 40 percent year over year. The firm has expanded its employee base by 41 percent, grown its customer base by 51 percent, and exceeded $100 million in annual recurring revenue (ARR).

Transmit Security added a number of new customers over the last year, including Goldman Sachs, BRED Banque Populaire, and America’s Car-Mart.

Following the rebrand, the digital identity experience firm has repackaged its products BindID, RiskID, FlexID, VerifyID, and UserID, into a single platform offering different modular services as application programming interfaces (APIs).

Called Transmit Security CIAM Platform, the identity suite packages security features from all of the company’s individual services, including passwordless and multi-factor authentication (MFA), and authorization/user management capabilities. Transmit’s platform enables the use of mobile device-based biometrics and FIDO protocols as a passwordless authentication method.

The software suite also comes with digital identity fraud protection features to detect and stop account takeovers, and embedded orchestration components to provide end-to-end integration and automation.

“Since we launched the industry’s first omnichannel identity orchestration product in 2016, we have consistently enhanced our capabilities and grown our customer base to support more than $2 trillion in annual commerce,” says Transmit Security Co-founder and President Rakesh Loonkar,.

“Our experience in securing and supporting mission-critical, customer-facing services for many of the most demanding enterprises guided us to delivering the next generation of CIAM software.”

The rebranding comes roughly a year after Transmit Security raised a whopping $543 million in Series A funding.

More recently, the company was listed as one of the World’s Most Innovative Companies by Fast Company, and months later started a significant expansion in Europe to meet the rapidly growing demand for passwordless customer authentication.

Article Topics

API  |  authorization  |  biometrics  |  digital identity  |  financial results  |  identity access management (IAM)  |  identity orchestration  |  multi-factor authentication  |  passwordless authentication  |  Transmit Security