Transmit Security expands CIAM capabilities to improve fraud detection and identity verification for users

Transmit Security has released new capabilities of its customer identity and access management (CIAM) platform, along with key milestones and customer and revenue growth for the first half of 2022.

The company also rebranded its identity products, reflecting the shift to a developer-friendly approach to delivering secure identity services as APIs.

“From our founding, we have delivered identity orchestration, multifactor and passwordless authentication and other capabilities for the most risk-aware companies,” said Mickey Boodaei, co-founder and CEO of Transmit Security.

“We understand that account security, threat intelligence and identity verification — seamlessly integrated as an end-to-end solution — are essential to protecting customer accounts while delivering an excellent user experience. We’re proud to introduce those expanded capabilities as core parts of our cloud CIAM platform.”, Boodaei continued.

Since June 2021, when the company announced the Series A funding, Transmit Security has grown first half revenues by 40% year over year, expanded its employee base by 41%, grown its customer base by 51% and exceeded $100 million in annual recurring revenue (ARR).

The company has added customers such as Goldman Sachs, BRED Banque Populaire and America’s Car-Mart to a list that already included Citigroup, Lowe’s, UBS, Santander and HSBC.

The company has also renamed and repackaged its integrated platform products — BindID, RiskID, FlexID, VerifyID and UserID — as the Transmit Security CIAM Platform, making it easier for enterprises to acquire the identity services they need for the best combination of security and customer experience.

The platform includes the following modular services, delivered as APIs:

• Passwordless and multifactor authentication to simplify customer omnichannel experiences, increase authentication assurance and phase out passwords
• Authorization and user management to provide personalized customer identity experiences, make guest account conversion easier and consolidate identity silos
• Digital identity fraud protection to detect and stop account takeover and other risks, verify identities during registration and account recovery, and reduce the dependency on time-consuming step-ups that frustrate users
• Embedded orchestration to provide end-to-end integration and automation across the spectrum of identity security and risk management controls

“Since we launched the industry’s first omnichannel identity orchestration product in 2016, we have consistently enhanced our capabilities and grown our customer base to support more than $2 trillion in annual commerce,” said Rakesh Loonkar, co-founder and President of Transmit Security.

“Our experience in securing and supporting mission-critical, customer-facing services for many of the most demanding enterprises guided us to delivering the next generation of CIAM software.”, said Loonkar.

“Transmit Security is doing something no one else has: they’re providing best-in-class passwordless authentication, fraud detection, identity verification and orchestration in a cohesive developer-friendly platform,” said Jim Routh, former Fortune 500 CISO.

“This combination gives product teams a very powerful arsenal to tackle fraud while giving their customers a seamless experience. Every CISO and fraud prevention executive should seek to give product teams these important capabilities.”, Routh conrinued.