Stytch, a San Francisco, California-based company dedicated to improving security and user experience with passwordless authentication, announced that it raised a $90 million Series B round of funding valuing the company at $1 billion.
The round was led by Coatue Management LLC, with participation from existing investors Benchmark Capital, Thrive Capital and Index Ventures.
Stytch will use the funding to continue to build tools and infrastructure that make it easier and faster to build authentication into apps and websites. As part of the funding, Stytch also today announced its acquisition of Cotter, a leading no-code passwordless authentication platform backed by YC.
Company: Stytch, Inc.
Raised: $90.0M
Round: Series B
Funding Month: November 2021
Lead Investors: Coatue Management LLC
Additional Investors: Benchmark Capital, Thrive Capital, and Index Ventures
Company Website: https://stytch.com/
Software Category: Passwordless authentication platform
About the Company: Stytch is building a developer platform with the tools and infrastructure to enable companies to incorporate passwordless authentication options into apps and websites. Stytch is certified to the highest industry standards, protecting you and your customer's privacy. Stytch's APIs make it simple to seamlessly onboard, authenticate, and engage users. Improve security and user experience with passwordless authentication. 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.
Source: https://www.businesswire.com/news/home/20211118005294/en/Stytch-Closes-90-Million-in-Series-B-Funding-with-1-Billion-Valuation