FusionAuth hauls in $65M growth equity investment to accelerate authentication growth

Authentication and authorization platform provider FusionAuth has received a $65 million growth equity investment from the growth equity firm Updata Partners, the first time the company has raised outside capital.

As part of the investment round, Updata Principal Dan Moss and General Partner Jon Seeber will both have seats on FusionAuth’s board.

The company offers various forms of authentication, including passwordless sign-ins, multi-factor authentication and native device biometrics.

FusionAuth was founded in 2018 as a bootstrapped company. Since then, it has served over 450 customers in six continents. Customers include Frontdoor, Oppenheimer & Co, Stihl, and Trusted Media Brands. Each year since its inception, the company has grown by over 100 percent.

The free community edition of FusionAuth has been downloaded over 13 million times. It gives developers the ability to integrate registration, login, and user management features into their apps. It can integrate with anything in minutes and is scalable, with the capacity to support thousands of logins and registrations per second.

Developers can use FusionAuth for functions like MFA, passwordless login, passkeys, machine-to-machine authentication, and advanced threat detection. The company’s APIs and SDKs are compatible with any language or architecture and can be deployed on most computers, according to the announcement.

Computers can run FusionAuth locally, on cloud servers, on dedicated hardware including those without internet connections, or by using FusionAuth Cloud’s global managed hosting.

“FusionAuth’s developer-centric approach is redefining the market by removing friction and complexity of customer identity management — historically huge pain points — from the development process,” says Moss. “With their impressive footprint and best in class feature set, FusionAuth is positioned to continue claiming market share over their competitors, and we look forward to partnering with them in this next phase of growth.”

FusionAuth was named one of the 2023 Inc. 5000 Fastest Growing Companies in America, as well as one of the top 2023 Colorado Companies to Watch. It was named one of BuiltIn’s Best Places to Work in 2023.

The flow of investment in digital identity security and biometrics providers has ramped back up after a slower period earlier this year, with Namitech, Anonybit and Prove each also announcing multi-million dollar funding rounds within the past few weeks.

Article Topics

biometric authentication  |  funding  |  FusionAuth  |  multifactor authentication  |  passwordless authentication