HYPR Doubles Annual Recurring Revenue and Accelerates Customer Adoption of Financial Services

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HYPR

HYPR, the passwordless society™, today announced another record year with exceptional growth in annual recurring revenue (ARR), customer acquisition, workforce expansion and overall company investment following its $35 million Series C funding. In its fiscal year ending February 2022, HYPR doubled its ARR and expanded its customer base, signing new customers in traditional sectors such as banking and insurance, in addition to expanding into new markets.

2021 saw the highest number of breaches and largest year-over-year increase to date, with a 68% increase compared to 2020. According to Verizon’s recent Data Breach Investigation Report (DBIR), credentials were the top type of breach, accounting for 61% of the total. Despite this increase, only 35% of organizations believe their current authentication solution is completely secure and less than 16% have deployed an MFA solution that eliminates shared secrets and supports a strong Zero Trust strategy, according to HYPR. Passwordless security status 2022 report. With the normalization of remote working, regulatory pressures for Zero Trust initiatives, and the prolificacy of cyberattacks, organizations are prioritizing authentication as part of their security framework – and more specifically, adopting methods based on FIDO, the benchmark for passwordless multi-access. authentication factor (MFA) defined by CISA and OMB.

“2021 has been monumental for HYPR. We have expanded our market visibility, grown our business, and made significant inroads in debunking passwordless myths and misconceptions,” said Bojan Simic, co-founder, CEO and CTO of HYPR. “We view these milestones as a sign of evolution, not just for our business, but for the entire authentication market. We have the tools, resources and momentum to launch the next step in our journey to fix the way the world connects.

Customer growth and vertical expansion

HYPR $35 million Series C investment with Advent International and its acceleration to market fueled the company’s growth in 2021. In 4Q21, HYPR saw rapid growth in passwordless authentication, nearly doubling its customer base, with the financial industry representing 150% of said growth. The company currently works with global companies across multiple verticals, including two of the top four U.S. financial institutions and several organizations in banking, arguably the most risky market. Additionally, HYPR announced that it has been selected by aon, a leading global professional services company, to deploy HYPR’s True Passwordless™ MFA solution to its approximately 50,000 employees. Aon joins long-time customer Aetna CVS Health, who also shared a milestone: achieving a 98% reduction in account takeover (ATO) fraud and complaint investigation and response costs. incidents totaling millions of dollars, thanks to the deployment of HYPR’s passwordless MFA authentication. HYPR has also executed phishing-resistant MFA deployment in over 200 countries, supporting one of the largest manufacturing conglomerates in the world.

HYPR has expanded its presence beyond traditional sectors, partnering with clients in agriculture, automotive and manufacturing, utilities, hospitality and tourism, and non-profit organizations. The company also expanded its global reach, securing new corporate clients in EMEA, including financial institutions in Poland and Switzerland.

Global partnerships and accreditations

HYPR continues to leverage its partnerships and global ecosystem to deliver passwordless MFA to businesses of all sizes. Since the launch of the Velocity Partner Program, HYPR tripled the number of members signed and, in 2021 alone, saw 187% year-over-year growth in agreements with its supplier partners, driving an increase of more than 260% in l ‘ARR. Building on its continued success, HYPR plans to launch its certification program for solution sales and delivery later this year, as part of the Velocity program. It will further provide partners with the tools and enablement training to become FIDO-based phishing-resistant MFA experts.

The company also has got its System and Organization Controls (SOC 2) Type II certification and three International Organization for Standardization (ISO) certifications meeting cloud services security (ISO27001, ISO27017) and privacy (ISO27018) requirements. Accreditations followed HYPR’s invitation to join Microsoft Intelligent Security Association (MISA)a consortium of cybersecurity industry experts.

Organizational Leadership and Workplace Excellence

HYPR named longtime Goldman Sachs executive Michele Docharty to its board of directors. As a highly respected leader in financial services and a strong supporter of diversity initiatives, Michele will work alongside HYPR to drive market maturity and serve as an advocate and advisor on the company’s diversity efforts, equity and inclusion. HYPR too welcomed Jay Roxe as CMO and officially appointed HYPR founders Bojan Simic as CEO and Roman Kadinsky as Chairman and COO.

HYPR continues to focus on advancing the business by investing in its workforce. As a result, the company has expanded its team across all areas of the business, growing its workforce by 107% over the past year, in addition to recently being named by Integrated as one of the best midsize companies to work for in New York.

For more information on HYPR, visit https://www.hypr.com.

About the HYPR

HYPR fixes the way the world connects. HYPR’s True Passwordless™ Multi-Factor Authentication (PMFA) platform eliminates the traditional trade-off between security and user experience by delivering uncompromising assurance and a consumer-grade experience.

By eliminating the password, organizations decrease the risk of cyber attack, improve user experience and reduce operational costs. HYPR is trusted by more than 60 million users worldwide, including two of the top four US banks and a Fortune 10 healthcare company.

Welcome to The Passwordless Company®. Additional information is available at https://www.hypr.com

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