HYPR: A Comprehensive Company Review

Financial Viability

Funding History: HYPR (founded in 2014) has attracted significant venture funding to fuel its growth (About Us: The Identity Assurance Company | HYPR). It raised an $18.3?million Series B in 2019 and continued with larger rounds in subsequent years (Hypr heaps on series B funding - - Global Corporate Venturing). By late 2022, HYPR had secured a total of $97?million in funding after a $25?million Series C1 led by Advent International (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire). In mid-2024 it raised an additional ~$30–35?million (often termed Series C or C2), in a round led by Advent’s Tech fund and Silver Lake Waterman (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M) (HYPR Secures $30M in Funding to Further Combat Generative). This brings HYPR’s total funding to roughly $130+ million to date, backed by prominent investors including Advent International, Comcast Ventures, RRE Ventures, .406 Ventures, and Silver Lake (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire) (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M). Such backing by top-tier firms underscores confidence in HYPR’s business and provides a solid financial runway.

Revenue & Market Position: As a private company, HYPR’s exact revenues aren’t publicly disclosed. However, its growing customer base and adoption metrics indicate strong traction. For instance, HYPR’s technology is deployed at scale in 2 of the 4 largest U.S. banks (among other Fortune 500 companies) (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire), and one of those banks is now the world’s largest enterprise user of FIDO passkeys via HYPR’s platform (HYPR Secures $30M in Funding to Further Combat Generative). HYPR reports that passkey usage among its customers’ workforces grew 77% year-over-year, with a 367% YoY growth on the consumer side (one healthcare client rolled out one million customer passkeys in 10 weeks) (HYPR Secures $30M in Funding to Further Combat Generative). Such indicators suggest accelerating revenue streams as more users come on board. Additionally, an independent Forrester study found HYPR delivers $8.1M in benefits and a 324% ROI over three years, with payback in under 6 months (HYPR Introduces HYPR Adapt, Designed to Combat Identity) (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards) – a strong value proposition that likely aids sales and customer retention. Given its substantial funding, blue-chip client wins, and alignment with the high-priority need for phishing-resistant security, HYPR appears to be on a sustainable growth path. Industry analysts (e.g. Gartner) have also spotlighted HYPR as an important player in passwordless authentication (Gartner Report Calls for Passwordless Authentication | HYPR), further solidifying its market position.

Business Model

Revenue Model: HYPR operates a SaaS subscription model for its identity security platform. Pricing is typically per user per month, tiered by capability. Publicly listed plans range from about $3 to $9 per user/month, scaling up with more advanced features and coverage (HYPR Plans & Pricing: The Identity Assurance Solution) (HYPR Plans & Pricing: The Identity Assurance Solution). For example, a basic “Identity Lifecycle Plus” plan ($3/user) covers core passwordless web authentication and policy controls, while the full “Complete Identity Assurance” plan ($9/user) includes desktop/MFA integration, adaptive risk engine, and identity verification features (HYPR Plans & Pricing: The Identity Assurance Solution) (HYPR Plans & Pricing: The Identity Assurance Solution). This recurring-revenue model means HYPR’s income grows with the number of users protected, incentivizing the company to expand deployments within large enterprises and across customer-facing use cases.

Target Customers: HYPR primarily targets enterprise and institutional clients that demand high security. Key verticals include financial services and fintech, where authentication security is paramount, as well as industries like healthcare, government, critical infrastructure, energy, and retail (Top 10 Passwordless Authentication Solutions in 2024). Its solutions are used to protect workforce identities (employee logins) and customer identities (consumer-facing authentication) for organizations that cannot afford credential breaches. HYPR’s ability to serve both workforce and consumer use cases gives it flexibility – for instance, a bank might use HYPR internally for employees and externally for online banking customers. Mid-to-large enterprises with complex IT environments are a focus, as HYPR’s platform integrates with existing identity infrastructure (Active Directory/Entra ID, Okta, etc.) to “bolt on” passwordless security without a full rip-and-replace. This positioning – as an identity security add-on – allows HYPR to complement established IAM systems, making it attractive to organizations seeking to modernize authentication in a zero-trust strategy without replacing their entire IAM stack.

Industry Positioning: HYPR brands itself as “The Identity Assurance Company,” emphasizing end-to-end identity security rather than just authentication (About Us: The Identity Assurance Company | HYPR). Initially known as “the Passwordless Company,” it pioneered true passwordless authentication and has since broadened to cover the entire identity lifecycle (onboarding, authentication, risk monitoring, identity verification) (HYPR Expands on Authentication Leadership With First) (HYPR Expands on Authentication Leadership With First). This holistic approach positions HYPR as a leader in the emerging phishing-resistant MFA segment. Notably, HYPR is a board member of the FIDO Alliance (alongside tech giants) and helped drive industry standards for passwordless login (Compliance & Certifications | HYPR). By focusing on password elimination and advanced identity validation, HYPR differentiates itself from general-purpose IAM vendors. Its business model centers on reducing customers’ security risk (stopping phishing, account takeover, fraud) and delivering cost savings (fewer password resets, less account lockout, improved user productivity), which is a strong pitch for CISOs calculating ROI (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards).

Security Features and Compliance

Core Security Approach: HYPR’s platform is built around passwordless multi-factor authentication that is inherently resistant to phishing and credential theft. At its core, HYPR uses FIDO-certified public–private key cryptography instead of passwords or shared secrets (Top 10 Passwordless Authentication Solutions in 2024). During authentication, the user’s device (e.g. smartphone or hardware key) holds the private key and signs challenges, while the server holds only public keys – meaning no reusable credentials (no passwords, OTP seeds, or SMS codes) are stored server-side (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). This “True Passwordless” architecture eliminates avenues for phishing, replay, and credential stuffing attacks that plague traditional login methods. HYPR essentially turns a user’s smartphone into a virtual FIDO2 security key, leveraging device biometrics (fingerprint, face, etc.) to strongly authenticate the user (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). Even fallback and recovery mechanisms avoid shared secrets (e.g. use of device-native PINs or passkeys rather than temp passwords), ensuring the system remains phishing-resistant end-to-end (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards).

Security Features: Beyond authentication, HYPR provides a comprehensive risk engine and threat detection capabilities. Its HYPR Adapt component ingests signals from endpoints, mobile apps, and user behavior to assess risk continuously (HYPR Introduces HYPR Adapt, Designed to Combat Identity) (HYPR Introduces HYPR Adapt, Designed to Combat Identity). It can detect anomalies (e.g. suspicious device posture, impossible travel, malware signals via partners like CrowdStrike) and then enforce adaptive responses like step-up challenges or lockdowns in real time (HYPR Introduces HYPR Adapt, Designed to Combat Identity) (HYPR Introduces HYPR Adapt, Designed to Combat Identity). This aligns with Zero Trust principles of continuous verification. HYPR also implements biometric liveness checks and fraud detection (especially in its identity verification flows) to ensure the person behind the device is legitimate (HYPR Expands on Authentication Leadership With First). On the client side, HYPR’s app and SDK include security measures to protect cryptographic keys (secure enclaves, tamper protection) and can work in offline mode when needed (e.g. unlocking a laptop with no internet) (HYPR Plans & Pricing: The Identity Assurance Solution). By not relying on network connectivity or OTP codes, HYPR avoids channels that attackers could compromise. All authentication events are logged and can integrate with SIEMs, helping organizations with audit and compliance.

Certifications & Compliance: HYPR has obtained multiple third-party certifications, underscoring its adherence to industry security standards. It is certified SOC 2 Type II, indicating it has robust internal controls for security and availability of its services (Compliance & Certifications | HYPR). It also holds ISO/IEC 27001 certification (international standard for information security management) along with the cloud-specific extensions ISO 27017 and ISO 27018 (for cloud security and privacy protection) (Compliance & Certifications | HYPR) (Compliance & Certifications | HYPR). These certifications validate HYPR’s handling of customer data and cloud operations. Importantly, HYPR is FIDO2 Certified across the board – including certifications for FIDO U2F, UAF, and FIDO2 server – and even sits on the FIDO Alliance Board of Directors helping shape passwordless standards (Compliance & Certifications | HYPR). Being on FIDO’s board alongside Microsoft, Google, and others highlights HYPR’s leadership in this security domain.

HYPR complies with other best-practice programs as well. It completed a Mobile Application Security Assessment (MASA) via the App Defense Alliance, verifying its mobile app against the OWASP mobile security standard (Compliance & Certifications | HYPR). It undergoes annual third-party audits (e.g. financial audits to GAAP standards, and TruSight assessments – a rigorous security review process used by major banks) (Compliance & Certifications | HYPR) (Compliance & Certifications | HYPR). HYPR also completed the Cloud Security Alliance’s CAIQ questionnaire for transparency on its cloud controls (Compliance & Certifications | HYPR). Additionally, HYPR emphasizes accessibility compliance (ADA/WCAG 2.1) for its user interfaces (Compliance & Certifications | HYPR), ensuring users with disabilities can securely authenticate – a often-overlooked aspect of security usability. In summary, HYPR’s security model is to prevent breaches by design (via passwordless tech), while meeting the compliance needs of enterprise and regulated customers through certifications and independent validations (Compliance & Certifications | HYPR) (Compliance & Certifications | HYPR).

Products and Capabilities

Platform Overview: HYPR offers an Identity Assurance Platform composed of several integrated products that together secure the entire identity lifecycle. The three core pillars of the platform are HYPR Authenticate, HYPR Adapt, and HYPR Affirm (About Us: The Identity Assurance Company | HYPR) (About Us: The Identity Assurance Company | HYPR):

• HYPR Authenticate – Passwordless MFA: This is HYPR’s flagship product for day-to-day authentication. HYPR Authenticate provides phishing-resistant passkey-based login for workforce and customer applications (HYPR Introduces HYPR Adapt, Designed to Combat Identity). Users can log in to desktops, VPNs, cloud apps, etc., by approving a prompt on their HYPR mobile app or via a biometric scan, with no passwords involved. It supports a range of authenticators – smartphone apps, FIDO2 security keys (including YubiKeys), or built-in platform biometrics (e.g. Windows Hello) as needed. A key capability is its desktop MFA integration that extends passwordless login to Windows and Mac workstations (including offline access with cached credentials) (HYPR Plans & Pricing: The Identity Assurance Solution) (HYPR Plans & Pricing: The Identity Assurance Solution). HYPR Authenticate is designed to be enterprise-grade: it allows multi-account workflows (for users with multiple AD domains or roles) and single enrollment for users to register their device once for access everywhere (HYPR Plans & Pricing: The Identity Assurance Solution). It also provides a seamless SSO portal integration – essentially acting as the passwordless login front-end while handing off SSO tokens to existing IAM solutions. The user experience is a major focus: HYPR’s authentication is fast and one-touch, which the company claims can improve login productivity by 30% compared to traditional methods (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). In summary, Authenticate replaces legacy MFA (passwords + OTPs) with a frictionless, cryptographic login that’s both stronger and easier for users.
• HYPR Adapt – Risk Policy & Orchestration: Introduced in 2023, HYPR Adapt is a risk engine and adaptive authentication layer that works behind the scenes to dynamically adjust security based on threat signals (HYPR Introduces HYPR Adapt, Designed to Combat Identity) (HYPR Introduces HYPR Adapt, Designed to Combat Identity). It ingests contextual data from multiple sources: device security posture (e.g. OS integrity, malware status via partners like CrowdStrike), network context, user behavior analytics, and even AI-driven insights on anomalies. Using this, Adapt computes a risk score for each authentication or session in real time. Adaptive policies can then trigger responses – for instance, requiring an immediate re-authentication or stepping up to additional verification if risk is high (HYPR Introduces HYPR Adapt, Designed to Combat Identity) (HYPR Introduces HYPR Adapt, Designed to Combat Identity). Conversely, low-risk scenarios can get a frictionless pass. These policies are fully configurable by admins (e.g. defining rules for geo-velocity, time of access, known devices, etc.) (HYPR Introduces HYPR Adapt, Designed to Combat Identity) (HYPR Introduces HYPR Adapt, Designed to Combat Identity). HYPR Adapt essentially brings a continuous authentication element to the platform, aligning with zero trust (“verify continuously”) by not treating authentication as a one-time event. A unique aspect of Adapt is that it feeds signals to and from other security tools: HYPR has built integrations so that risk info can be shared with SIEM/SOAR or endpoint security systems, creating a more holistic security ecosystem (HYPR Introduces HYPR Adapt, Designed to Combat Identity). For example, a detection of an endpoint compromise in CrowdStrike could raise HYPR’s risk level and force the user to re-authenticate or get locked out – and vice versa, a risky login attempt could alert other tools. Overall, Adapt’s capability to orchestrate identity threats across endpoints and cloud gives organizations fine-grained control and visibility into who is accessing what under what conditions.
• HYPR Affirm – Identity Verification: Launched in late 2023, HYPR Affirm adds a new dimension by addressing identity proofing and verification tasks (About Us: The Identity Assurance Company | HYPR). This product is aimed at ensuring the person’s identity is trustworthy, especially at moments like onboarding, account recovery, or high-risk access. HYPR Affirm provides a user-friendly way to remotely verify identities: it can prompt users to undergo a document check (e.g. driver’s license or ID scan) and a biometric facial match with liveness detection, often via the user’s smartphone camera (HYPR Expands on Authentication Leadership With First). Uniquely, HYPR built features like secure chat and video interview into the process, allowing, say, an IT helpdesk or manager to directly interact with the user for verification and attest that the person is who they claim (HYPR Expands on Authentication Leadership With First). All of this is captured for audit (providing an “auditable attestation” trail). Use cases for Affirm include: digital onboarding of new employees/customers without passwords or shared secrets; step-up verification if Adapt flags anomalous behavior (e.g. asking the user to re-verify their ID before proceeding); or periodic re-proofing of identities for compliance. Notably, any risky behavior can trigger not just MFA, but a full identity re-verification via Affirm, which is a capability unique to HYPR’s platform (HYPR Expands on Authentication Leadership With First). Affirm is tightly integrated with Authenticate and Adapt – ensuring that even these verification steps remain passwordless and tied into the overall risk model (HYPR Expands on Authentication Leadership With First) (HYPR Expands on Authentication Leadership With First). By combining identity proofing with authentication, HYPR’s platform covers “day zero to day N” – from the moment an identity is created to continuous use and eventual off-boarding (HYPR Expands on Authentication Leadership With First) (HYPR Expands on Authentication Leadership With First). This end-to-end approach is how HYPR defines “Identity Assurance.”

Key Differentiators: HYPR’s technology stack has several qualities that set it apart:

• True Passwordless Architecture: Unlike some competitors, HYPR eliminates all forms of shared secrets in authentication, not just passwords (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). Many “passwordless” providers still fall back on things like OTP codes, push notifications, or knowledge-based questions which can be phished or guessed. HYPR avoids these by using pure cryptographic (public/private key) methods with the private key kept on the user’s device secure element at all times (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). This means there is nothing sensitive on the server for hackers to steal (no hashes, no OTP seeds), and nothing a user can divulge in a phishing scam. This approach, aligned to FIDO standards, is considered one of the most secure authentication methods available (Top 10 Passwordless Authentication Solutions in 2024) (Compliance & Certifications | HYPR).
• End-to-End Coverage: The HYPR platform covers authentication across desktop, mobile, and web environments in a unified way (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). A user can log into their Windows or Mac machine, VPN, legacy apps, SaaS apps, and even perform privileged “run as admin” tasks – all using the same passwordless credential. Features like Offline Mode allow HYPR to work without internet (e.g. unlocking a laptop on an airplane) (HYPR Plans & Pricing: The Identity Assurance Solution), and Roaming/VDI access support allows use in virtual desktop or shared workstation scenarios (HYPR Plans & Pricing: The Identity Assurance Solution). This breadth is important for enterprises with diverse systems. HYPR also emphasizes a consistent UX despite infrastructure heterogeneity – for instance, a company with some apps in Azure AD and others in Okta can provide one HYPR login experience for both, rather than separate methods for each system (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire).
• Integration and Agility: HYPR is designed to snap into existing IAM and security stacks. It provides pre-built integrations for Active Directory/Entra ID, SSO platforms like Okta and Ping Identity, CIAM platforms like ForgeRock, and more (About Us: The Identity Assurance Company | HYPR) (About Us: The Identity Assurance Company | HYPR). It can act as an external authenticator for Microsoft Entra ID (Azure AD), being one of the first partners supported as a custom authentication method in that ecosystem (HYPR Secures $30M in Funding to Further Combat Generative) (HYPR Secures $30M in Funding to Further Combat Generative). It also integrates with security operations tools (CrowdStrike, Splunk etc.), enabling adaptive responses. This flexibility is a differentiator because it allows organizations to adopt HYPR incrementally – they can plug HYPR into certain high-risk apps or user groups first, without migrating everything. HYPR’s lightweight deployment (largely software-based, using mobile apps and software connectors) means it can be rolled out to hundreds of thousands of users per quarter as claimed (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire). In fact, HYPR has repeatedly demonstrated successful large-scale deployments in very complex environments (Fortune 50 enterprises with global operations) (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). This ability to scale without degrading performance or user experience is a core competency.
• Adaptive & Continuous Security: The addition of HYPR Adapt and Affirm give the platform a holistic security advantage. Few competitors offer an integrated identity verification step tied to authentication events. HYPR’s approach of continuous risk evaluation and even re-verifying identity on the fly provides a deeper level of security for sensitive operations (HYPR Expands on Authentication Leadership With First). For example, if an employee’s behavior seems suspicious, HYPR can require a fresh facial match or manager attestation, not just an MFA prompt. This goes beyond standard MFA solutions and aligns with emerging “identity threat detection and response (ITDR)” practices.
• User Experience and Accessibility: Despite its security rigor, HYPR has focused on user-friendly design. The login process is fast (one-tap approvals), and users no longer need to juggle passwords or wait for SMS codes. HYPR also supports ADA/WCAG compliance in its interfaces, meaning its authentication can be used by people with visual or motor impairments (screen reader compatibility, etc.) (Compliance & Certifications | HYPR). A smoother login experience often leads to higher adoption – HYPR cites that its clients see fewer login-related helpdesk calls and higher user satisfaction compared to previous methods (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards) (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). This is a critical differentiator because security solutions only succeed if users actually embrace them rather than seek workarounds.

Potential Limitations: No solution is without limitations – a few practical considerations for HYPR include: it requires users to have a compatible device (smartphone or biometric security key) to serve as their authenticator, which could pose challenges for users without modern devices or in certain environments (though HYPR can fall back to different form factors, hardware keys, etc., rather than a password). Also, as a specialized layer, organizations must integrate HYPR with their directories and applications, which is an extra implementation step (mitigated by HYPR’s integration library, but still a project). In comparison to all-in-one IAM suites, HYPR doesn’t provide things like user directories or account provisioning – it’s focused on authentication and identity assurance, so customers will still need an IAM/IDP in place. Finally, like any young tech company, some prospects might weigh the vendor’s longevity and support capabilities against incumbents; however, HYPR’s growing enterprise clientele and strong financial backing help reduce this concern. Overall, HYPR’s capabilities in passwordless, adaptive, and verified authentication are viewed as cutting-edge, with few direct peers matching the depth of its approach in that niche.

Competitive Landscape

HYPR operates in a competitive identity security market, facing both large established players and niche passwordless-focused firms. Below is a comparison of HYPR with key competitors and alternatives:

• Traditional IAM Giants (Microsoft, Okta/Ping Identity): Major identity-as-a-service providers like Microsoft (Entra ID/Azure AD) and Okta dominate workforce identity with broad SSO and IAM suites. These platforms now offer passwordless options – e.g. Microsoft’s ecosystem supports Windows Hello biometrics and app-based authentication; Okta/Auth0 offer magic links, factor sequencing, and are integrating FIDO2. Their strength is a one-stop-shop for directory, SSO, lifecycle management, etc., with deep enterprise integration (especially Microsoft in Windows environments) (Top 10 Passwordless Authentication Solutions in 2024) (Top 10 Passwordless Authentication Solutions in 2024). HYPR often complements these rather than replaces them – for example, an enterprise might use Azure AD for identity management but add HYPR to provide a phishing-resistant MFA method beyond Microsoft’s own passwordless, which might be limited to the MS ecosystem. Compared to these giants, HYPR’s advantage is its laser focus on security and standards. It is vendor-agnostic and works across heterogeneous environments (whereas Microsoft is optimal mainly for Microsoft-centric shops). Also, HYPR’s FIDO2 implementation is often seen as more comprehensive and “true passwordless” (no passwords at all) than some offerings which may still fall back to less secure factors. That said, Microsoft and Okta have a much larger market share and salesforce; HYPR typically wins when an organization specifically prioritizes the highest level of phishing resistance or has been burned by breaches of legacy MFA. Gartner’s recent reports list HYPR as a sample vendor for passwordless tech, reinforcing that it’s a distinct category leader, but not yet as ubiquitous as the big IAM platforms (Gartner Report Calls for Passwordless Authentication | HYPR).
• MFA/Authentication Specialists (Duo Security, OneSpan, RSA): Another group of competitors are those traditionally focused on MFA and security tokens. Cisco’s Duo Security, for instance, is widely used for two-factor authentication via push notifications, codes, etc. Duo and others have started introducing passwordless login options (Duo now offers a passwordless push and passkey support). However, legacy MFA solutions rely on push or OTP, which are susceptible to phishing (e.g. push fatigue attacks). HYPR differentiates by strictly using phishing-resistant methods (FIDO cryptographic responses tied to the origin). RSA SecureID and OneSpan (formerly VASCO) offer hardware and software tokens often used in banking; they provide high assurance but often at the cost of user convenience and with significant infrastructure overhead. HYPR can be seen as a modern alternative that provides equal or better security (no shared secrets, FIDO-certified) with a smoother user experience (smartphone instead of clunky token) (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). In the passwordless MFA segment specifically, HYPR and Duo are frequently compared – Duo has a huge installed base, but HYPR has the edge on being “phishing proof by default” (Duo’s traditional push can be phished, though Duo can also integrate with FIDO keys). Enterprises aiming for Zero Trust often consider adding FIDO-based solutions like HYPR on top of or instead of older MFA.
• Passwordless Startups (Beyond Identity, 1Kosmos, Trusona, Secret Double Octopus): Over the last few years, several startups have emerged focusing on passwordless authentication. Beyond Identity offers a certificate-based authentication where a key pair is bound to devices – conceptually similar to HYPR’s approach (no passwords, use device biometrics), and it markets strongly on eliminating passwords and phishable factors. 1Kosmos (BlockID) blends identity proofing with passwordless login using a decentralized ledger to store identity data (and also complies with FIDO standards). Trusona initially pushed passwordless login via QR codes and later pivoted to enterprise MFA. Secret Double Octopus provided passwordless workforce login with phone as a factor (it was acquired by Thales in 2022 to integrate into their SafeNet/authentication portfolio). Compared to these, HYPR stands out due to its maturity and large-scale references – for instance, not many startups in this space can claim multiple Fortune 50 deployments and millions of end-users. HYPR also has a broader product set (the Adapt risk engine and Affirm identity verification are newer capabilities beyond just login). Its position on the FIDO Alliance board and contributions to standards give it an industry credibility edge. That said, all these startups share a common goal and often go head-to-head in deals; the differentiators come down to specific features (e.g., 1Kosmos uses a private blockchain for identity data, which might appeal to certain compliance needs, whereas HYPR uses more traditional data storage with high security). So far, HYPR appears to have pulled ahead as a leader in this niche – evidenced by being named a representative vendor in analyst research and winning large enterprise accounts – but competition remains strong as organizations explore passwordless solutions.
• Identity Suite Providers (Ping Identity, ForgeRock, OneLogin): These are vendors offering broader IAM or CIAM suites which include passwordless options as part of their feature set. Ping Identity has Passwordless Authentication via its PingID (supports FIDO, push, etc.) and is known for integrating well in hybrid IT environments (Top 10 Passwordless Authentication Solutions in 2024) (Top 10 Passwordless Authentication Solutions in 2024). ForgeRock (now part of Ping) also offers passwordless customer login and AI-driven contextual authentication (Top 10 Passwordless Authentication Solutions in 2024) (Top 10 Passwordless Authentication Solutions in 2024). OneLogin (now part of One Identity) similarly has OTP and biometrics as factors (Top 10 Passwordless Authentication Solutions in 2024). These companies provide more than just authentication – they have user directories, provisioning, etc., and are often evaluated in RFPs alongside Okta or Microsoft. When it comes to pure authentication strength, HYPR often has an edge by focusing on FIDO compliance and decentralization (Top 10 Passwordless Authentication Solutions in 2024). In fact, the SuperTokens 2024 report rated HYPR highly (4.8/5) for its passwordless approach, noting its strict adherence to FIDO standards and “decentralized authentication” model that reduces breach risk (Top 10 Passwordless Authentication Solutions in 2024) (Top 10 Passwordless Authentication Solutions in 2024). The trade-off is that Ping or ForgeRock might fit a customer who wants an all-in-one IAM solution with good-enough MFA, whereas HYPR is chosen by those who want best-in-class authentication security that can plug into any IAM. It’s not uncommon to see HYPR partnering with these suite vendors – for instance, HYPR integrates with PingFederate and ForgeRock to provide passwordless login while those systems handle federation and identity storage. This collaborative angle (rather than strictly competitive) is part of HYPR’s strategy.

Market Share & Position: Precise market share for HYPR is hard to quantify (being a private firm in a broader IAM market). However, its deployment in multiple top-tier banks, its rapid growth in user count, and endorsements from industry leaders suggest it’s among the leading pure-play passwordless MFA providers. HYPR’s presence on industry panels and its inclusion in analysts’ lists as a key vendor indicate strong recognition. As organizations globally heed advice from security agencies (like CISA’s guidance to adopt phishing-resistant MFA (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire)), the market for solutions like HYPR is expanding. While giants like Microsoft will capture much of the general MFA adoption, HYPR is carving out a substantial niche of security-conscious organizations that require the highest level of identity assurance. In summary, HYPR competes by offering a depth of security and innovation that often outpaces larger rivals’ capabilities, while also integrating rather than competing outright with the major IAM ecosystems – a strategy that has allowed it to thrive in a crowded landscape.

Use Cases

HYPR’s platform is versatile and addresses a range of use cases across industries. Below are some of the prominent application areas and scenarios where HYPR is used:

• Enterprise Workforce Login: Replacing employee passwords with phishing-resistant MFA is a core use case. Enterprises deploy HYPR so that employees log into their devices, VPNs, and applications using HYPR Authenticate (via a phone biometric or hardware key) instead of a password or legacy OTP token. This dramatically reduces the risk of corporate account breaches (which often start with phishing or weak passwords). It also cuts down on helpdesk workload – no more password reset calls. A zero-password workplace improves productivity; employees enjoy quick logins and no password change interruptions. For example, manufacturing conglomerates and tech firms have implemented HYPR globally to secure internal systems (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire). Even when offline (traveling or at a secure facility), users can use HYPR’s offline mode to access laptops securely (HYPR Plans & Pricing: The Identity Assurance Solution). Administrators benefit too: with HYPR, they can enforce true MFA at Windows login and privileged tasks, which is a key part of a Zero Trust enterprise posture (verifying identity at every access point) (HYPR Expands on Authentication Leadership With First).
• Financial Services & Banking: Given HYPR’s traction in banking, a major use case is securing both workforce and customer authentication in financial institutions. Internally, banks use HYPR to protect access to sensitive financial systems by employees and contractors – crucial for meeting regulations like FFIEC guidance or SWIFT security requirements. Externally, banks and fintech companies are deploying HYPR to their consumer and business customers as a passwordless login option for online banking, mobile banking apps, and other services. Using HYPR for customer-facing auth can eliminate account takeovers that result from phishing or password reuse, significantly reducing fraud losses. In fact, HYPR has been adopted by two of the four largest U.S. banks to roll out passwordless login at massive scale (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire). One large bank’s deployment with HYPR made it the world’s largest enterprise FIDO passkey implementation – indicating tens of millions of users potentially using HYPR-driven passkeys instead of passwords (HYPR Secures $30M in Funding to Further Combat Generative). Another fintech example is Fiserv (a leading financial technology provider), which chose HYPR for the “completeness” of its solution and its user experience to protect their enterprise – highlighting that even companies that serve banks trust HYPR for security (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire). Financial services also leverage HYPR Adapt to meet zero-trust and fraud prevention needs, continuously scoring risk during high-value transactions and prompting additional verification if something seems off. Overall, in banking and fintech, HYPR helps balance ultra-strong security with user convenience – a critical need as institutions fight fraud and comply with mandates for phishing-resistant MFA.
• Zero Trust Architecture: Many organizations are undertaking “Zero Trust” initiatives, and HYPR is a key enabler for the Identity pillar of Zero Trust. Zero Trust requires strict identity verification at all times – “never trust, always verify.” HYPR addresses this by both eliminating weak authentication (passwords) and by continuously verifying identity through Adapt’s risk checks and Affirm’s re-validation capabilities (HYPR Expands on Authentication Leadership With First) (HYPR Expands on Authentication Leadership With First). For example, in a zero trust model, even after a user logs in, if they attempt to access a sensitive application or perform an unusual action, HYPR can require them to re-authenticate with a biometric or even re-verify their ID. This ensures that only authorized individuals can gain access at all times (HYPR Expands on Authentication Leadership With First). HYPR’s integration across endpoint, network, and application layers means it can feed into policy engines that decide if a session remains trustworthy. Sectors like government and defense are particularly interested in HYPR for zero trust, as U.S. federal guidelines now require phishing-resistant MFA for agencies and contractors. HYPR’s compliance with FIDO and its end-to-end strong auth helps organizations meet frameworks like NIST 800-63B (which designates FIDO as AAL3, the highest level of authenticator assurance). In practice, HYPR is used in zero trust rollouts to secure remote access (no VPN login without HYPR auth), to protect cloud admin consoles, and to add passwordless auth to legacy systems via HYPR’s adapters. The result is a significantly reduced attack surface for identity-based attacks, fulfilling a cornerstone of zero trust strategies.
• Customer Authentication & CIAM: Outside of workforce, HYPR is increasingly used for customer identity use cases, often in combination with Customer IAM (CIAM) platforms. By integrating HYPR Authenticate into consumer-facing login flows, companies can offer their users a passwordless sign-in option – improving security and user experience. This is relevant in industries like e-commerce, healthcare, insurance, and retail banking. For instance, a health insurance provider (like Ireland’s VHI Healthcare, a HYPR client) could let patients log into the portal via a fingerprint scan on their phone instead of remembering a password. One HYPR client in healthcare rolled out 1 million consumer passkeys, seeing rapid adoption as it made the login experience smoother for patients (HYPR Secures $30M in Funding to Further Combat Generative). Retailers and airlines (e.g. Norwegian Air, a HYPR customer) see value in passwordless login to reduce account fraud and cart abandonment due to login friction. Additionally, HYPR’s “Know Your Customer” verification (via Affirm) can be used during high-risk actions – e.g. a cryptocurrency exchange might require users to briefly verify their identity (ID document scan) through HYPR Affirm when they attempt a large withdrawal, adding a layer of security that passwords alone couldn’t achieve. These use cases show HYPR’s flexibility in not only protecting workforce accounts but also enhancing consumer-facing authentication, which directly ties to revenue (by preventing fraud and giving users a modern, easy login that can drive engagement).
• Critical Infrastructure & Public Sector: In sectors like energy, utilities, transportation, and government, cybersecurity is a matter of national security and operational safety. HYPR is used in these environments to secure operator logins, remote maintenance access, and control system access with passwordless MFA. For example, an energy company can use HYPR so that engineers and technicians authenticate to SCADA systems or remote monitoring tools via a FIDO2 key or app, ensuring that even if phishing emails target them (which could lead to a grid disruption), the attackers cannot steal any credential to get in. The risk engine (Adapt) is particularly useful here to detect if an account is acting strangely (which could indicate a compromised device or an insider threat) and then respond immediately. Additionally, public sector agencies (from local county offices to federal departments) use HYPR to comply with mandates to phase out less secure MFA. We saw a clue that Hillsborough County, Florida uses HYPR (from the company’s customer list) – likely to let government employees and contractors access systems securely. The education sector is another use case: universities, which manage sensitive data and often face phishing attacks, can use HYPR to secure faculty and student logins with passkeys, aligning with education-specific security frameworks.
• DevOps and Technical Workforce: A more specialized use case is securing developer and IT administrator access. These users often have broad privileges and access to critical systems (code repositories, cloud infrastructure, etc.), making them prime targets for phishing and SIM swapping. Companies have used HYPR to enforce passwordless MFA for accessing services like GitHub, AWS consoles, or even performing sudo operations on servers (HYPR’s “Passwordless Run-As Admin” feature addresses this) (HYPR Plans & Pricing: The Identity Assurance Solution). By doing so, they remove the risk of a leaked or guessed admin password leading to a major breach. In one scenario, an enterprise might integrate HYPR with their SSH and RDP login flows (as indicated by HYPR’s integration with SSH/Linux (About Us: The Identity Assurance Company | HYPR)) so that even shell access requires HYPR approval. This greatly strengthens the protection around critical infrastructure and source code.
• Call Center and Support Verification: HYPR highlights a solution for Call Center Identity Verification, which is an interesting use case bridging digital and human interaction (About Us: The Identity Assurance Company | HYPR). When a customer calls into a support center, verifying their identity is often done with insecure questions (mother’s maiden name, etc.). With HYPR, a call center agent could send a push notification to the customer’s HYPR app or trigger an HYPR Affirm step (e.g. ask the caller to scan their fingerprint on their banking app which uses HYPR). This would provide a secure, phishing-proof way to verify the caller’s identity before proceeding. Such use of HYPR in call centers can reduce fraud (no more social engineering agents with stolen info) and speed up the verification process for legitimate users.

In summary, HYPR’s use cases span enterprise login, customer authentication, high-assurance verification, and compliance-driven security. Whether it’s an employee logging into a cloud app, a customer signing into a banking portal, or an administrator re-verifying a high-risk transaction, HYPR provides a framework to do it securely and without passwords. The common theme is eliminating credential-based attacks (phishing, credential reuse, etc.) and meeting rising authentication standards across all these scenarios.

Partnerships and Customer Base

Customer Base: HYPR has built an impressive roster of customers across multiple sectors, often including some of the most security-conscious organizations. According to the company, HYPR’s solution is deployed globally by Fortune 500 enterprises, including: “2 of the 4 largest U.S. banks, Fortune 500 manufacturing conglomerates, and global insurance providers,” among others (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire). While specific names are not always public, we do know a few through references and endorsements:

• In financial services, beyond the unnamed big banks, Charles Schwab (a Fortune 500 financial firm) is implied as a customer – Schwab’s CISO praised HYPR’s proactive stance and is quoted supporting their partnership (HYPR Secures $30M in Funding to Further Combat Generative). Fiserv, a major fintech and payments company, is a confirmed customer who publicly endorsed HYPR for improving security against phishing while enhancing user experience (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire). We can infer other large banks and insurers are using HYPR based on the sectors mentioned (possibly institutions like JPMorgan Chase or Bank of America, given the “2 of 4 largest banks” reference, and maybe insurers like MetLife or others, though those are not explicitly named).
• In healthcare and pharma, HYPR’s materials show CVS Health (a large healthcare and retail company) and VHI Healthcare (Ireland’s leading health insurer) as customers, indicating usage in securing healthcare workforce and customer portals. The quote about a healthcare customer deploying one million passkeys in 10 weeks (HYPR Secures $30M in Funding to Further Combat Generative) suggests a large health organization achieved a quick rollout with HYPR, dramatically improving patient or customer login experience.
• In the public sector, one known client is Hillsborough County, FL (a local government) – they are featured as modernizing their identity security with HYPR (likely to secure county employee and citizen services logins). Government agencies and contractors are increasingly looking to HYPR given federal mandates for phishing-resistant MFA; HYPR’s presence on the FIDO Alliance board with agencies like CISA implies strong public sector alignment (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire).
• In industry, HYPR’s customer list images show companies like Norwegian Air (aviation), Rakuten (global e-commerce), and Oxbury Bank (a UK challenger bank) as users of HYPR. Manufacturing and energy companies are also noted – these could include large multinationals (for example, anecdotally HYPR has been used in a Fortune 100 manufacturing firm to secure plant and office logins). The diversity of customers (banks, airlines, retailers, governments) underscores that passwordless security is a universal need.

Notably, an awards brief claimed HYPR now “serves over a billion users and growing, across the widest range of use cases, helping to protect workforces and customers around the world.” (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards). This figure likely aggregates all end-users (employees plus consumers) under HYPR authentication. Even if aspirational, it suggests hundreds of millions of end-users are protected by HYPR via its enterprise clients, which is plausible given the inclusion of some of the world’s largest banks and companies. This broad adoption cements HYPR’s credibility – large organizations entrust it with their primary authentication, one of the most mission-critical security functions.

Strategic Partnerships: HYPR has cultivated partnerships that extend its reach and integrate its technology with other platforms:

• Technology Integrations: HYPR collaborates with major identity and security vendors to ensure compatibility. It has deep integrations with Microsoft Entra ID (Azure AD), Okta, Ping Identity, ForgeRock, Citrix, and others (About Us: The Identity Assurance Company | HYPR) (About Us: The Identity Assurance Company | HYPR). For example, Microsoft named HYPR as one of the first passwordless providers to integrate as an external authenticator for Azure AD (HYPR Secures $30M in Funding to Further Combat Generative), allowing Azure AD customers to use HYPR in lieu of Microsoft’s own MFA – a strong endorsement. HYPR is also integrated into Okta’s Identity Cloud and PingOne, meaning joint customers can easily add HYPR as an authentication factor for their single sign-on flows. These alliances indicate that rather than competing head-on with IAM vendors, HYPR often works with them to provide a stronger auth option for their users.
• Security Ecosystem: In 2024, HYPR announced new partnerships with CrowdStrike and Yubico (HYPR Secures $30M in Funding to Further Combat Generative). The CrowdStrike integration ties HYPR Adapt’s risk signals with CrowdStrike’s endpoint telemetry, enabling adaptive responses to endpoint threats in the authentication process (HYPR Secures $30M in Funding to Further Combat Generative). This is valuable for stopping insider threats or compromised device logins in real time. The partnership with Yubico made HYPR the first featured partner for the YubiKey Bio Series keys (HYPR Secures $30M in Funding to Further Combat Generative). Essentially, enterprises can use YubiKeys (which have fingerprint sensors) as a passwordless HYPR authenticator, blending HYPR’s software platform with Yubico’s hardware tokens. This gives users more choice (phone or hardware key) and shows HYPR’s commitment to supporting multi-protocol and hardware-backed security. HYPR’s platform being FIDO2-certified means it works with any FIDO compliant device, but official partnerships like with Yubico streamline joint deployments.
• Channel and Alliance Partners: HYPR runs a partner program (resellers, integrators) to help deliver its solution at scale. While not many are publicly listed, HYPR likely partners with global systems integrators and security consultancies who implement identity solutions for large clients. Additionally, HYPR’s alignment with standards bodies (FIDO Alliance, the Cloud Security Alliance, etc.) acts as a form of partnership – for example, HYPR completing the CSA’s security assessment (CAIQ) (Compliance & Certifications | HYPR) and participating in industry working groups helps it stay in front of customers as a vetted solution.
• Joint Marketing & Research: HYPR teams with organizations to promote passwordless adoption. It has co-branded studies like the “State of Passwordless Security” reports and references collaboration with agencies like CISA in urging the move away from passwords (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire). Such strategic alignment with public sector and industry recommendations effectively makes HYPR a partner in shaping the future of authentication (which in turn drives more business its way).

Adoption Trends: The momentum in HYPR’s customer and partner ecosystem is strong. Year-over-year growth stats (77% increase in workforce passkey usage, 367% in consumer deployments) demonstrate accelerating adoption (HYPR Secures $30M in Funding to Further Combat Generative). Strategic investors joining in recent funding rounds (Silver Lake, Advent) often come on board when a company has proven market fit and is ready to scale partnerships and global sales (HYPR Secures $30M in Funding to Further Combat Generative). The overall trend is that passwordless authentication is moving from niche to mainstream, and HYPR is at the forefront of that wave. This is supported by trends like Apple, Google, and Microsoft all pushing passkeys to consumers – which familiarizes the public with passwordless concepts and complements enterprise solutions like HYPR. As more organizations implement zero trust and respond to phishing attacks, HYPR’s partnerships (technical and strategic) position it as a go-to solution for phishing-resistant identity security. The fact that it’s used by leading companies and endorsed by respected CISOs (e.g. former JPMorgan Chase and current Wiz CSO Anthony Belfiore calling HYPR “a huge step forward” (HYPR Expands on Authentication Leadership With First)) further bolsters trust for new customers considering the platform.

In conclusion, HYPR’s comprehensive approach to identity security – from funding and business strategy to technical innovation, industry collaboration, and real-world deployment – has established it as a robust and forward-looking player in the identity authentication market. Its financial backing and ROI case suggest viability, its business model aligns with enterprise needs, and its product strengths in passwordless, adaptive security set it apart from both legacy and contemporary competitors. With growing partnerships and a who’s-who customer base, HYPR is well-positioned to continue leading in the passwordless authentication and identity assurance space as organizations worldwide strive to “fix the way the world logs in” (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire).

Sources:

• HYPR funding and investor info (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire) (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M); Series B news (Hypr heaps on series B funding - - Global Corporate Venturing).
• Press releases on HYPR’s adoption and ROI (HYPR, the Leader in Phishing-Resistant MFA, Raises $25M | Business Wire) (HYPR Introduces HYPR Adapt, Designed to Combat Identity).
• HYPR official site (About, Trust Center, Pricing) for product details and certifications (About Us: The Identity Assurance Company | HYPR) (Compliance & Certifications | HYPR) (Compliance & Certifications | HYPR) (HYPR Plans & Pricing: The Identity Assurance Solution).
• GlobeNewswire and BusinessWire releases for HYPR Adapt and Affirm launches (HYPR Introduces HYPR Adapt, Designed to Combat Identity) (HYPR Expands on Authentication Leadership With First).
• Cybersecurity awards content outlining HYPR’s differentiators and user base (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards) (HYPR Authenticate Passwordless MFA of HYPR's Identity Assurance Platform - Cybersecurity Excellence Awards).
• Third-party analysis of passwordless solutions (Top 10 Passwordless Authentication Solutions in 2024) (Top 10 Passwordless Authentication Solutions in 2024).
• Gartner insights on passwordless trend (HYPR cited as sample vendor) (Gartner Report Calls for Passwordless Authentication | HYPR).
• Customer and partner announcements (HYPR Secures $30M in Funding to Further Combat Generative) (HYPR Secures $30M in Funding to Further Combat Generative).