Introduction
We are excited to share some fantastic news with our community – OTPLESS has raised $3.5 million in our pre-series A funding round! This significant milestone marks a new chapter in our journey to transform the landscape of mobile authentication. Led by SIDBI Venture and supported by Venture Highway, FJ Labs, and Piper Serica, this round of investment brings our total funding to $6.5 million.
Breaking Barriers in Mobile Authentication
At OTPLESS, we are committed to redefining the way user authentication is done. Traditional methods, particularly One-Time Passwords (OTPs), are not only cumbersome but also pose significant security risks. Our solution? Eliminate the need for OTPs altogether. With OTPless, users can sign up and sign in to websites and apps via WhatsApp and other seamless, secure methods. This innovative approach simplifies the process for users while enhancing security measures to address the common pitfalls associated with OTP-based authentication.
A Year of Transformative Growth
In just one year, OTPLESS has emerged as a game-changer in the identity and access management (IAM) space. Our comprehensive platform supports various social sign-in methods, including Google, iMessage, Microsoft, Github, Slack, and UPI. Additionally, we offer modern protocols like Passkeys, Network Auth, Protected SMS, and Device Fingerprinting.
Our platform’s flexibility and ease of integration have made OTPLESS a preferred choice for developers worldwide. With over 5,000 companies and 20,000 developers using our SDKs and APIs, OTPless currently authenticates more than 30 million users. These companies benefit from higher conversion rates of up to 98% thanks to our streamlined, rule-based smart authentication process, which reduces friction for end-users.
Global Expansion and Technological Advancements
The recent funding will be instrumental in scaling our operations globally. We plan to expand our services beyond authentication to include authorization – determining the permissions a user has versus simply identifying who they are. This will help us provide a more comprehensive and secure solution to our users and partners.
“Our vision is to revolutionize user authentication by making it simpler, faster, and more secure. This funding will help us scale our operations and enhance our technology to meet the growing global demand,” said Bhavik Koladiya, Co-founder and CEO of OTPLESS. “We are committed to providing the best possible experience for our users and partners, and this investment will enable us to continue innovating and expanding our capabilities.”
Strategic Investment from SIDBI
SIDBI Ventures, the venture arm of the Small Industries Development Bank of India, led this round of investment. Sidbi’s participation underscores the growing importance of innovative authentication solutions in the Indian BFSI (Banking, Financial Services, and Insurance) sector, which is undergoing significant regulatory changes.
“Sidbi Venture Capital Ltd is proud to support OTPLESS in its mission to revolutionize authentication,” said Debraj Banerjee, Senior Fund Manager at SVCL. “Their innovative approach aligns with our commitment to fostering technological advancements that enhance security and user experience. We believe OTPless has the potential to become a global leader in the IAM space, and we are excited to be part of their journey.”
A Commitment to Security and User Privacy
Security and user privacy are at the core of OTPLESS’s mission. We employ state-of-the-art encryption and security protocols to protect user identity and ensure that authentication processes are secure and reliable. Our device-bound and biometric one-tap sign-ins provide an additional layer of security, making it difficult for unauthorized users to gain access.
“User trust is paramount to our success, and we take our responsibility to protect users very seriously,” said Tanmay Sagar, Co-founder of OTPLESS. “Our platform is designed with security in mind, and we continuously monitor and update our systems to address new threats and vulnerabilities. We are committed to maintaining the highest standards of security and privacy for our users.”
The Future of Authentication
The global customer identity and access management market is experiencing rapid growth, driven by increasing concerns over cybersecurity, regulatory compliance, and the need for seamless user experiences. With this latest round of funding, OTPless is well-positioned to capitalize on this growing market and challenge established players in the IAM space.
Our innovative solutions provide a frictionless user experience while ensuring robust security, making OTPLESS an attractive option for businesses of all sizes. As we continue to innovate and expand our capabilities, we remain dedicated to our vision of a world without OTPs.
We are incredibly grateful for the support of our investors, partners, and users. Together, we are building a more secure and seamless digital world. Stay tuned for more updates as we continue to revolutionize mobile authentication.
Thank you for being part of our journey. Here’s to a future without OTPs!
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