OTPless, a mobile authentication startup, has secured $3.5m in its pre-series A funding round.
The round was led by SIDBI Venture and included investments from Venture Highway, FJ Labs, and Piper Serica, bringing OTPless’s total funding to $6.5m.
Founded to transform the landscape of mobile authentication, OTPless aims to eliminate the need for traditional one-time passwords (OTPs). Instead, it offers seamless and secure sign-in methods via WhatsApp and other platforms, addressing security risks and simplifying user experience.
The new funding will be used to scale OTPless’s operations globally. The company plans to expand its services beyond authentication to include authorization, thus providing a comprehensive and secure solution to its users and partners.
In just one year, OTPless has emerged as a game-changer in the identity and access management (IAM) space. Its platform supports various social sign-in methods such as Google, iMessage, Microsoft, Github, Slack, and UPI. The flexibility and ease of integration have made OTPless a preferred choice for developers worldwide, with over 5,000 companies and 20,000 developers using its SDKs and APIs. OTPless currently authenticates more than 30 million users, boasting conversion rates of up to 98% due to its streamlined, rule-based smart authentication process.
The company’s vision is to revolutionise user authentication by making it simpler, faster, and more secure. Bhavik Koladiya, co-founder and CEO of OTPless, said, “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.
“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.”
SIDBI Ventures led the investment round, highlighting the importance of innovative authentication solutions in the Indian BFSI sector. Debraj Banerjee, senior fund manager at SVCL, said, “Sidbi Venture Capital Ltd is proud to support OTPless in its mission to revolutionize authentication. 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.”
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