Security News > 2021 > June > Transmit Security raises $543M to accelerate its mission of helping the world go passwordless

Transmit Security will use the funding to increase the company's reach and expand its primary business functions, investing in key global areas in order to grow the organization, ultimately enabling the company to accelerate its mission to help the world go passwordless.

Using biometric authentication, Transmit Security provides the first natively passwordless identity and risk management solution to the largest brands in the world.

"Passwordless authentication is so much more than ensuring customers can easily and seamlessly access their information, their accounts and make purchases - it's about revolutionizing the way companies interact with their customers. By eliminating passwords, businesses can immediately reduce churn and cart abandonment and provide superior security for personal data," said Transmit Security CEO and Co-Founder Mickey Boodaei.

"Every time I see a login button on a website, I get anxious. Whenever an app texts me a code that I have to enter, I become frustrated with the process. We've all learned to suffer and accept the terrible user experience and poor security that comes with passwords just because that's the way it has always worked in the past," said Rakesh Loonkar, President and Co-Founder, Transmit Security.

"Transmit Security is offering application owners a new reality: The ability to go passwordless no matter the size of their organization or number of users. The fact that we have raised a record amount of funding is a clear indication that the world is ready to eliminate passwords and embrace biometric authentication technology so that they can deliver enhanced user experiences combined with significantly heightened levels of security."

"We are thrilled to welcome the Transmit Security team to the Insight family as we focus our investments on creating a passwordless world."

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