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The funding round will help the company to accelerate its mission to help the world go passwordless. Transmit Security will use the new funds to expand its reach and investing in key global areas to grow the organisation. The round was led byВ Insight PartnersВ and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures.

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Easy deployment вЂ“ Open standards and APIs let organizations quickly deploy BindID, usually within a single agile sprint.Д«ehind BindIDвЂ™s innovative approach to eliminating passwords are renowned cybersecurity entrepreneurs Mickey Boodaei and Rakesh Loonkar.ДЄfter creating and guiding a series of groundbreaking cybersecurity companies, including Trusteer, which was sold to IBM, Boodaei and Loonkar co-founded Transmit Security.With a mission to getВ rid of passwords, Transmit Security raised a massive $543m inВ Series AВ funding at $2.2bnВ pre-money valuation, touting it as theВ largest Series A investment in cybersecurity history and one of the highest valuations for a bootstrapped company.

Any device access вЂ“ Once a user is established in the BindID network, new biometric devices can be automatically added for quick, easy account access.

A seamless experience вЂ“ Whether from the web, mobile devices or even a call center, BindID completes authentication in exactly the same way.

Users simply scan their face or fingerprint to authenticate.

Passwordless authentication вЂ“ BindID eliminates the hassles of remembering or resetting password-based credentials.

Unlike those legacy solutions, BindID provides:

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Customers would still need their password to register new devices and new applications. Organizations could not really eliminate passwords even if they offered some kind of a passwordless option such as a mobile authenticator app.

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Negative experiences with identity authentication can diminish customer loyalty and prompt consumers to abandon the process of purchasing goods and services, or setting up an account.ДЄn October 2020 FIDO Alliance study of 4,000 consumers in the U.S., U.K., Germany and France found that 60% of consumers abandoned purchases due to the difficulty of managing passwords or being forced to create a new account and password to make the purchase.Д«indID solves these issues by providing a positive identity experience for the user, and trusted authentication for the enterprise at the user, device and network levels.Д«efore BindID, a passwordless experience required customers to either download applications to their mobile device, use dedicated hardware, or apply methods such as SMS one-time pass codes (OTPs) that are no more convenient than passwords. Not only are passwords frustrating for users, they are costly for the businesses that rely on them. BindID makes authentication simple, unified and much more secure.вЂќДЇor the first time, organizations can now offer a completely password-free experience to their customers without asking them to download applications or rely on text or email messages.Д«indID empowers organizations to delete all passwords from their databases, which is a groundbreaking step forward for improving security, reducing risk and complying with global data privacy regulations.Д«y eliminating passwords, organizations also eliminate their biggest security and compliance vulnerabilities, as more than 80% of all data breaches involve passwords.

Users can authenticate through their mobile or any biometrics-enabled device without the need for an authentication app. вЂњBindID marks the end of the password era. вЂњIs there anyone who hasnвЂ™t had a frustrating experience with passwords? Whether itвЂ™s trying to create and remember multiple passwords, answering security questions, continual resets or even being locked out of important accounts вЂ“ passwords are impractical, burdensome and among the weakest links in security,вЂќ said Mickey Boodaei, CEO and Co-Founder, Transmit Security.

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BindID requires no customer software or dedicated hardware and can be used across any channel or device.Д¬ustomers can authenticate and access their accounts using the embedded fingerprint or face scanner in their devices, or use their mobile device to securely and easily authenticate to other devices and channels that donвЂ™t have an embedded biometric reader. Transmit Security announced the release of BindID, customer authentication service that is completely password-free.