Mastercard has named HYPR Corp., an authentication solution provider, to the latest class of Mastercard Start Path — a global initiative designed to support innovative startups in retail, fintech, security and Big Data, and help them achieve scale.
In October 2017, HYPR secured an initial $8 million Series A funding round led by RRE Ventures, but Mastercard led an additional $2 million investment in the platform. Total capital raised to date now stands at $13 million.
Mastercard’s strategic investment further enables HYPR’s decentralized authentication solutions to expand to millions of users across the Mastercard payments ecosystem. HYPR provides technology so that the data is stored on the consumer’s devices and requires the consumer to authenticate access to that data. That authentication can be in the form of biometrics, PINs, passwords or other methods.
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HYPR is designed to reduce the risk of an enterprise data breach by putting consumers’ credentials on the device itself instead of in a central database.
The platform provider will first focus on mobile payments, and then will gradually expand into other online banking features, merchant services and various IoT initiatives. In addition, HYPR will be working to identify and source potential new cust
