Stytch, a developer platform, has raised a $90M Series B valuing the company at $1 billion. The funding was led by Coatue, with participation from existing investors Benchmark, Thrive, and Index.

Stytch is building a developer platform with the tools and infrastructure to enable companies to incorporate passwordless authentication options into apps and websites. Their APIs and SDKs can improve user onboarding and retention by removing passwords from their applications and replacing them with more secure and low-friction authentication options including email magic links, one-click user invitations, biometrics, and SMS and Whatsapp passcodes.