NEW YORK — HYPR Corp., a provider of enterprise-facing decentralized authentication solutions, has received strategic investment from Mastercard and has been named to the latest class of Mastercard Start Path – a global initiative to support innovative companies with the potential to reshape the future of commerce to achieve scale.
HYPR recently announced a Series A funding round of $8 million led by RRE Ventures. Mastercard’s investment will help HYPR’s decentralized authentication solutions to extend into the millions of users across the Mastercard payments ecosystem.
With 30 billion devices connected to the Internet of Things (IoT) by 2020, ensuring they are secure and properly authorized when used to make a purchase is critical. HYPR’s decentralized authentication solution improves security and reduces the risk of an enterprise data breach by putting consumers’ credentials on the device itself instead of in a central database.
“The importance of secure authentication has never been greater,” said Roman Kadinsky, COO of HYPR. “Working with Mastercard allows us to bring our decentralized authentication systems to more devices and payments across the IoT.”
This approach provides consumers with greater security and usability during payments in the digital age. It also has applications for online banking, merchant services, connected cars and other IoT initiatives.
“People need the peace of mind that their personal information, their money and their identity are secure in the digital age,” said Bob Reany, Executive Vice President of Global Products and Services for Identity Solution at Mastercard. “We are committed to advancing a consumer-centric vision of security grounded in giving people the ability to maintain control of their data. HYPR’s technology is a smart way to keep critical data where it belongs – close to the consumer.”
Founded in 2014, New York-based HYPR has raised over $14 million in venture capital from RRE, Mastercard, RTP, Boldstart and Mesh Ventures.