OTPless, an authentication and access management platform, has secured $3.5 million in its pre-Series A funding round, with SIDBI leading the investment. The funding round also saw participation from Venture Highway, FJ Labs, and Piper Serica, marking OTPless’s maiden institutional round. With this latest funding, OTPless has raised a total of $6.5 million to date. Founded by former executives of fintech unicorn BharatPe, OTPless aims to revolutionize authentication processes by eliminating the need for OTPs and offering seamless sign-up and sign-in methods through platforms like WhatsApp and others. In this article, we delve into the details of OTPless’s funding round, its innovative approach to authentication, and its plans for expansion.

Pre-Series A Funding Round Details

SIDBI led the pre-Series A funding round for OTPless, contributing $3.5 million to the startup’s growth and development. Venture Highway, FJ Labs, and Piper Serica also participated in the funding round, signaling strong investor confidence in OTPless’s business model and potential for future growth. With this latest infusion of capital, OTPless has raised a total of $6.5 million in funding, underscoring its position as a promising player in the authentication and access management space.

Founding Team and Background

OTPless was founded by Bhavik Koladiya, Satyam Nathani, and Tanmay Sagar, former executives of BharatPe, a leading fintech unicorn. Leveraging their expertise and experience in the fintech industry, the founders set out to address the challenges associated with traditional OTP-based authentication methods and streamline the user experience for both businesses and consumers.

Innovative Authentication Solutions

OTPless offers a novel approach to authentication, enabling users to sign up and sign in on websites and apps without the need for OTPs. The platform leverages popular communication channels such as WhatsApp and other social sign-in methods to simplify the authentication process and enhance security. By eliminating OTPs, OTPless aims to provide a frictionless user experience while reducing the risk of security breaches and ensuring compliance with data privacy regulations.

Expanding Global Presence

With a team of 50 members, OTPless plans to utilize the new funding to expand its global presence and extend its services beyond authentication into authorization. The startup aims to compete with established players in the authentication space such as Auth0, Clerk, Stytch, Descope, and Transmit Security, offering innovative solutions tailored to the evolving needs of businesses and developers worldwide.

Developer-Friendly Integration

OTPless provides developers with easy-to-integrate SDKs and APIs, allowing them to seamlessly incorporate authentication and access management features into their applications. The platform offers pre-built UIs and supports a wide range of social sign-in methods, including Google, iMessage, Microsoft, Github, Slack, UPI, and more. With OTPless, developers can go live within minutes, enabling rapid deployment and scalability for their applications.

User Adoption and Impact

OTPless boasts a growing user base, with more than 5,000 companies and 20,000 developers worldwide utilizing the platform to authenticate over 30 million users. The platform’s user-friendly interface, robust security features, and seamless integration capabilities have made it a preferred choice for businesses seeking to enhance their authentication processes and deliver a superior user experience.

OTPless’s successful pre-Series A funding round highlights the growing demand for innovative authentication solutions in today’s digital landscape. With strong investor backing and a talented team at its helm, OTPless is well-positioned to drive further innovation, expand its global footprint, and redefine the future of authentication and access management. As the startup continues to scale its operations and accelerate its growth trajectory, it is poised to emerge as a leader in the rapidly evolving authentication space, offering unparalleled value to businesses, developers, and users alike.

By Admin

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