Authoriti’s disruptive Permission Code® technology puts control of everyday transactions in the hands of customers, not the institutions serving them
September 23, 2019, NEW YORK – The Authoriti Network (“Authoriti”), the leading provider of new ways to prevent identity theft and misuse of consumer data, announced today that it has closed a growth equity financing round to pursue the next phase of its business plan. Investors have purchased in aggregate $1.5 million in the Series Seed Preferred Stock and a strategic common share investment. Investors have the opportunity to invest up to $2.0 million in Series Seed Preferred Stock before the end of the year.
Dot Capital, a leading New York City-based boutique Venture Capital firm, is the lead investor in the Series Seed. Dot Capital acquires equity positions in high growth, recurring revenue model, emerging technology leaders through direct investments in early stage companies. Affiliates of Dot Capital also participated in the round.
“My partners and I are impressed with the disruptive Authoriti technology platform and their early track record ,” said Joseph R. Saviano, Founder & Managing Partner of Dot Capital, who will join the Authoriti Board of Directors. “The Authoriti leadership team has already begun to execute on its outstanding strategy for bringing the technology to market in the financial industry and other key verticals.”
Earlier in Q3 2019, Valley National Bancorp (Nasdaq: VLY), a regional bank holding company headquartered in Wayne, N.J., completed an investment in Authoriti Common Stock. Valley’s subsidiary Valley Bank is an Authoriti customer. “Valley based our decision to become a strategic investor in Authoriti on our experience as one of their first customers,” said Ira Robbins, President & CEO at Valley Bank. “Our investment is consistent with our focus on constant improvement for our customers’ experience.”
Authoriti flips the age-old financial model in which financial and other institutions challenge their customers to prove who they are. With Authoriti, customers authorize institutions to execute transactions on their behalf, maintaining control through multi-factor authorization. The Company’s founding team includes Lou Steinberg, Marv Adams, and Larry Bettino.
Authoriti will use the proceeds from its capital raise for new hires in sales and product development. “Rather than layering new technology on an old model, Authoriti is changing the model,” said Michael Cutlip, President & CEO of Authoriti. “We are confident that putting customers in control of their actions and data is the better model, and are excited by the growing interest in Authoriti.”
How the Permission Code® Platform Works
Customers simply provide a Permission Code smart PIN to authorize their desired transaction. Because it is originated and digitally signed by the customer, the PIN can be embedded with both the customer’s identity and details of the transaction. Upon receipt, institutions make a simple web service call to Authoriti, which validates that the correct user generated the code and that the transaction details are authorized for execution.
About the Authoriti Network
The Authoriti Network was founded in 2017 to create new ways of preventing identity theft, fraud, and misuse of consumer information. Our founders have significant leadership experience dealing with InfoSec at-scale in the world's leading financial institutions. Authoriti develops the patent-pending Authoriti Permission Code® smart PIN, which puts control of transactions in the hands of the consumer and gives institutions the confidence that every action is authorized.
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