Announcing Stytch's $90M Series B at a $1B Valuation

Stytch has announced raising $90 million in Series B funding, valuing the company at $1 billion, led by Coatue with participation from existing investors. Stytch aims to revolutionize authentication by eliminating passwords, addressing security vulnerabilities and usability issues associated with traditional password systems. The company promotes passwordless technologies such as email magic links, SMS passcodes, and OAuth connections, which have attracted over 3,500 developers and some Fortune 500 companies to their platform. The new funding will enhance their product suite to further transition to a passwordless future, underscored by their acquisition of Cotter, a no-code passwordless authentication platform. Stytch envisions a seamless integration of authentication into user experiences, aligning with the evolving landscape of Web 3 applications and enhancing user engagement across digital platforms.

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