HYPR, The Passwordless Company, has announced another solid year with steady growth across annual recurring revenue (ARR), customer acquisition, workforce expansion and “overall company investment following its Series C $35 million financing.”
During its fiscal year ending February 2022, HYPR “doubled its ARR and grew its customer base, signing new clients in traditional sectors such as banking and insurance, in addition to expanding into new markets.”
As noted in an update shared with CI, 2021 saw “the highest number of breaches and the largest year-over-year increase to date, with a 68% increase in comparison to 2020.” According to Verizon’s recent Data Breach Investigations Report (DBIR), credentials “were the leading breach type, taking up 61% of the total.”
Despite the increase, “only 35% of organizations believe their current authentication solution is fully secure and fewer than 16% have deployed an MFA solution that eliminates shared secrets and supports a strong Zero Trust strategy, according to HYPR’s 2022 State of Passwordless Security report.”
With the standardization of remote work, regulatory pressures for Zero Trust initiatives, and the prolificacy of cyber-attacks, organizations “are prioritizing authentication as part of their security framework – and more specifically, adopting FIDO-based methods, the gold standard in passwordless multi-factor authentication (MFA) set by CISA and OMB.”
Bojan Simic, co-founder, CEO and CTO of HYPR, stated:
“2021 was monumental for HYPR. We expanded our market visibility, grew our business and made significant inroads in debunking passwordless myths and misconceptions. We see these milestones as a sign of evolution – not just of our business, but of the overall authentication market. We have the tools, resources and momentum to kickstart the next stage in our journey towards fixing the way the world logs in.”
HYPR’s $35 million Series C investment with Advent International and its go-to-market acceleration “fueled the company’s growth in 2021.”
In 4Q21, HYPR recorded rapid growth in passwordless authentication, “nearly doubling its customer base, with the financial sector representing 150% of said growth.”
The company currently “works with global enterprises across multiple verticals, including two of the four major U.S. financial institutions and several organizations in the banking sector, arguably the most at-risk market.”
Additionally, HYPR announced it was “selected by Aon, a leading global professional services firm, to roll out HYPR’s True Passwordless™ MFA solution to its approximately 50,000 employees.”
Aon joins long-standing customer Aetna CVS Health, who also “shared a significant milestone: achieving a 98% reduction on account takeover fraud (ATO) and in investigation and incident response costs totaling millions of dollars, as a result of deploying HYPR’s passwordless MFA.”
HYPR also “executed the rollout of phishing-resistant MFA in more than 200 countries, supporting one of the world’s largest manufacturing conglomerates.”
HYPR expanded its presence “beyond traditional sectors, partnering with customers in agriculture, auto and manufacturing, utilities, hospitality and tourism, and nonprofit.”
The company also “broadened its global reach, securing new enterprise customers in EMEA, including financial institutions in Poland and Switzerland.”
For more details on this update, check here.