MMC backs tru.ID to help developers replace passwords
We're delighted to back Paul, Eric, and the tru.ID team as part of a £3 million funding round alongside our friends at Episode 1 and NHN Ventures. As repeat founders with deep domain expertise (Paul previously co-founded mBlox, acquired by Sinch, and Boku and Eric was the co-founder of iPin, acquired by Valista, and Nexmo, acquired by Vonage), we believe that this team has the vision to fundamentally change the way we think about mobile identity.
Traditional methods of user authentication, such as email + password or SMS one-time-passwords, don’t work in today’s mobile-first world, offering poor user experience and creating security weaknesses. The industry has been trying to replace passwords for years, but has failed to find a universal solution. Now, the answer is here, combining the ubiquity of the mobile phone with the cryptographic security of the SIM card.
“We now live in a mobile-first world, but we have been brainwashed into accepting a legacy approach to user identity on mobile. tru.ID aims to finally change that, by delivering user authentication that is mobile-native, frictionless, secure and private. Mobile authentication the way it should be – fit for the 21st Century.”Paul McGuire, Co-founder and CEO, tru.ID
tru.ID makes this technical solution easy for developers to integrate and deploy through an API platform that provides a range of turnkey authentication products. Using the tru.ID platform, developers can, for the first time, combine a frictionless user on-boarding experience with strong security. Lower friction means fewer users abandon the sign-up process, which feeds through to higher revenues. Stronger security means safer users and less fraud, which lowers costs and improves brand reputation.
“This market is crying out for a less fragmented approach to improve mobile user conversion and reduce fraud given that existing authentication methods were not built with mobile devices in mind. We believe that Paul and Eric have the experience and vision to fundamentally change the way we think about mobile identity. We’re excited to support them alongside Episode 1 and NHN Ventures.”Mina Samaan, Principal, MMC
This new approach to user authentication has a wide range of use cases, from initial user on-boarding to subsequent login and multi-factor authentication in higher risk scenarios.
tru.ID is already live in 5 markets, (UK, Canada, USA, India, Indonesia) and will use this funding to further expand its geographic reach and invest in growth.
Read more on the tru.ID story via UKTN.