Stytch, a San Francisco, CA-based passwordless authentication company, raised $30m in Series A funding.
The round was led by Thrive Capital with participation from Coatue Management and existing investors Benchmark and Index Ventures. In conjunction with the funding, Thrive Capital’s Gaurav Ahuja will join Benchmark’s Chetan Puttagunta on Stytch’s board of directors.
The company intends to use the funds to roll out more authentication options, including mobile biometrics, WebAuthn, OAuth logins, QR codes, and push notification login, to launch additional user infrastructure features to continue to onboard and engage users, and to build out session management and advanced fraud detection solutions.
Led by Reed McGinley-Stempel, CEO, and Julianna Lamb, CTO, Stytch is building a developer platform with the tools and infrastructure to enable companies to incorporate passwordless authentication options into apps and websites. Their APIs and SDKs can improve user onboarding and retention by removing passwords from their applications and replacing them with more secure and low-friction authentication options including email magic links, one-click user invitations, biometrics, and SMS and Whatsapp passcodes.
Over the past year, Stytch’s developer experience and flexible API-first approach have attracted more than 350 companies of all sizes and a handful of Fortune 500 firms. This week, the company launched out of beta to make all of the features publicly available.
FinSMEs
15/07/2021