Stytch plans to use the funding to build advanced fraud detection systems. Here are the top-line bullets you need to know.
Stytch, an API-first passwordless authentication platform, has raised $30M in a Series A funding round. The round drew participation from Thrive Capital, Benchmark, Index Ventures, and Coatue Management.
HOW’S THE COMPANY PERFORMING?
- California-based Stytch builds tools and infrastructure for developers to incorporate passwordless authentication procedures into applications.
- Around 350 companies use Stytch’s platform to add passwordless features such as email magic links, messaging and WhatsApp passcodes, and one-click user invites into their login authentication flows.
Source: Stytch
WHY DOES THE MARKET MATTER?
- The global passwordless authentication market is projected to grow at a CAGR of 29.1% to reach a value of $456.79B by 2030, according to the Next Move Strategy Consulting Report.
- Increasing penetration of consumer electronic devices, additional security measures due to rising cyberattacks, and the rise in remote work due to the pandemic have all contributed to industry growth.
