Is HYPR profitable in 2026?

HYPR does not disclose audited revenue or profitability figures. Its last disclosed funding was a $30M growth investment from Silver Lake Waterman on May 27, 2024, and no new funding round has been reported since, per a February 2026 tracker.

Could AI replace HYPR's core product?

HYPR's founding wedge, passwordless MFA, is now bundled natively into Microsoft Entra ID, Okta, and Cisco Duo. Okta's ML-driven Identity Threat Protection flagged about 8,000 high-risk users per month in results reported January 7, 2026, overlapping HYPR's Adapt product.

Who is HYPR's biggest competitor?

Microsoft (Entra ID passkeys), Okta (Identity Threat Protection), and Cisco Duo are the main incumbent threats, all shipping native passwordless and AI-driven risk detection that compete directly with HYPR's core authentication products as of early 2026.

When did HYPR last raise funding?

HYPR's most recent disclosed funding is a $30 million growth investment from Silver Lake Waterman, announced May 27, 2024, explicitly framed as combating generative AI-driven credential attacks. No subsequent round has been publicly reported as of mid-2026.

What does HYPR actually sell?

HYPR sells passwordless, phishing-resistant authentication (HYPR Authenticate), adaptive risk-based authentication (HYPR Adapt), and automated identity verification (HYPR Affirm), rebranding itself from 'The Passwordless Company' to 'The Identity Assurance Company' as of its May 2024 funding announcement.

Is passwordless authentication adoption still growing for HYPR?

HYPR's own sixth annual State of Passwordless Identity Assurance report, published March 10, 2026 with 451 Research and S&P Global, found enterprise passkey adoption stalled at 43%, describing the category as plateauing after a 2024 surge.

Cybersecurity companies · United States

HYPR

hypr.com ↗

HYPR sells passwordless login and identity verification tools to banks and large enterprises.

Protection under test

Assessed 21 July 2026 · Evidence as of 21 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 21 July 2026 · Checkable from next 6-12 months · Every call on the record Checkpoint: HYPR's next funding round or acquisition decision window

The call

HYPR still holds its regulated-sector customers but the passwordless feature that built the company is now free inside Microsoft, Okta, and Duo.

HYPR sells identity and login security software to banks and insurance companies. The company built its business around passwordless authentication, a way to log in without passwords, but Microsoft, Okta, and Cisco now offer that same feature built directly into their own platforms at no extra cost, which removes the main reason customers would switch to HYPR. The one thing that could save the company is if its identity-verification product (Affirm) becomes so good and trusted in regulated industries that banks and insurers will keep paying for it even as passwordless login becomes a commodity.

Why

AI pressure: Okta Identity Threat Protection (ML risk detection), AI-native IDV vendors. AI-driven risk detection and cheap AI-native identity verification squeeze HYPR's Affirm margins and its core MFA pitch. Could AI do the core job? Only partly.

Bigger players: Microsoft Entra ID, Okta, Cisco Duo, Ping Identity. All now ship native passkey and passwordless login for free or bundled, killing the wedge HYPR was built on. Could a giant copy it? Yes, easily.

What protects it. Deep integrations and compliance trust inside banks and insurers make ripping HYPR out costly and slow.

What would change this call

HYPR announces a new funding round or strategic acquisition within 6-12 months. Would show investors still see a viable growth path beyond legacy contracts.
HYPR headcount grows beyond the ~110-130 range in next annual filings or LinkedIn data. Would indicate renewed investment in sales or product rather than stagnation.
HYPR discloses expanded regulated-sector customers (banks, insurers) beyond renewals. Would show the moat still drives new business, not just retention.

Key numbers

$30M raised from Silver Lake Waterman (May 2024)
No new funding disclosed since (June 2024)
Headcount flat around 110-130 employees (2026)

Named risks

No new funding disclosed since June 2024 Silver Lake Waterman round. Severity: high
Core passwordless MFA product being commoditized by Microsoft, Okta, and Cisco Duo bundling. Severity: high
Company's own March 2026 report shows enterprise passkey adoption plateauing at 43%. Severity: medium
No audited revenue disclosure, leaving financial health unverifiable to outside observers. Severity: medium
Flat headcount around 110 to 130 despite 2024 capital infusion suggests stalled growth execution. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Microsoft (Entra ID)	gaining on	Native FIDO2/passkey provisioning bundled into Entra ID, integration confirmed May 2024
Okta	gaining on	Identity Threat Protection flagged about 8,000 high-risk users per month, reported Jan 7, 2026
Cisco Duo	gaining on	Ships native passwordless MFA, directly overlapping HYPR's core Authenticate product as of 2025
Ping Identity	contesting	Building native passwordless capabilities alongside existing HYPR alliance partnership

Questions people ask

Is HYPR profitable in 2026?: HYPR does not disclose audited revenue or profitability figures. Its last disclosed funding was a $30M growth investment from Silver Lake Waterman on May 27, 2024, and no new funding round has been reported since, per a February 2026 tracker.
Could AI replace HYPR's core product?: HYPR's founding wedge, passwordless MFA, is now bundled natively into Microsoft Entra ID, Okta, and Cisco Duo. Okta's ML-driven Identity Threat Protection flagged about 8,000 high-risk users per month in results reported January 7, 2026, overlapping HYPR's Adapt product.
Who is HYPR's biggest competitor?: Microsoft (Entra ID passkeys), Okta (Identity Threat Protection), and Cisco Duo are the main incumbent threats, all shipping native passwordless and AI-driven risk detection that compete directly with HYPR's core authentication products as of early 2026.
When did HYPR last raise funding?: HYPR's most recent disclosed funding is a $30 million growth investment from Silver Lake Waterman, announced May 27, 2024, explicitly framed as combating generative AI-driven credential attacks. No subsequent round has been publicly reported as of mid-2026.
What does HYPR actually sell?: HYPR sells passwordless, phishing-resistant authentication (HYPR Authenticate), adaptive risk-based authentication (HYPR Adapt), and automated identity verification (HYPR Affirm), rebranding itself from 'The Passwordless Company' to 'The Identity Assurance Company' as of its May 2024 funding announcement.
Is passwordless authentication adoption still growing for HYPR?: HYPR's own sixth annual State of Passwordless Identity Assurance report, published March 10, 2026 with 451 Research and S&P Global, found enterprise passkey adoption stalled at 43%, describing the category as plateauing after a 2024 surge.

Timeline

2026-03-10HYPR releases 6th annual State of Passwordless report showing 43% passkey adoption, plateau
2026-02-24HYPR launches Context-Based Attestation feature for identity verification
2025-06-03HYPR announces strategic partnership with HID Global at Identiverse
2025-04-28HYPR opens Belgrade, Serbia office and promotes SVP of Worldwide Sales
2024-05-27HYPR secures $30M growth investment from Silver Lake Waterman
2022-12-02HYPR raises $25M Series C1 for passwordless authentication platform
2021-04-20HYPR raises $35M Series C led by Advent International
2019-10-01HYPR secures $18.3M Series B led by Comcast Ventures

Revision history

21 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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