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Bostonbased transmit security11/23/2023 Specifically, the team is creating “simple” APIs and SDKs (software development kits) that the founders say allow “any company to boost user onboarding and retention by removing passwords from their application, while improving security and saving significant engineering time in the process.” Stytch claims that it simplifies the authentication process by giving developers and users the “tools and infrastructure to incorporate passwordless authentication methods into modern applications.” It struck us that the web has improved in so many ways over the past few decades, but authentication is still stuck in the 1990s.” “The other thing that really frustrated us was that the core building blocks that all companies use for authentication had really significant security and conversion issues. “In addition to it being complicated, it’s resource intensive and error-prone to build in house,” she told TechCrunch. Lamb says that as she and McGinley-Stempel worked together at Plaid on user authentication, they realized how frustrating it is to build sign-up and login flows. The company was founded on the premise that passwords are no longer secure, and make companies easy targets for hackers and expose them to account takeover risk. The company declined to reveal its valuation, although sources say that it is “north of $200 million.”Īlso notable about this round is that Stytch was founded by two former Plaid employees, Reed McGinley-Stempel (CEO) and Julianna Lamb (CTO), who built user authentication features that “millions” use to connect their bank accounts to apps like Venmo, Coinbase and Robinhood. Thrive Capital led the Series A, which also included participation from Coatue Management and existing backers Benchmark and Index. Other angels that have backed the company include Figma co-founder and CEO Dylan Field, Very Good Security co-founder Mahmoud Abdelkader, startup advisor Elad Gil and early Stripe employee and Cocoon co-founder Amber Feng. That round was actually raised last summer around the time of Stytch’s founding, but only announced this year. The round caught our attention for a couple of reasons.įor one, this is the same startup that just months earlier announced it had raised a $6.25 million seed round led by Benchmark with participation from Index Ventures and a number of angels including Plaid co-founder William Hockey. One such company, Stytch, just raised $30 million in a Series A round of funding as it launches out of beta with its API-first passwordless authentication platform. And there’s also a number of companies that want to go a step further and eliminate the password completely. There are a bunch of companies out there to help you attempt to do that. There are far fewer annoying things than managing one’s passwords.
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