In the wake of rapid digitisation, managing and securing customer identities has emerged as a grave challenge for businesses worldwide while ensuring a seamless online customer experience.
LoginRadius is a cloud-based Customer Identity Access Management (CIAM) platform which empowers businesses to provide secure experiences for their customers using the most innovative customer identity platform. Essentially, it enables businesses in managing and securing identities. LoginRadius’ platform helps companies to securely manage customer identities, deliver a unified digital experience, and comply with all major privacy regulations such as GDPR (General Data Protection Regulation). Hosted in a highly secure environment to protect consumer data and prevent exposure to data breaches, the platform also provides end-to-end encryption in transit and at rest, multi-factor authentication, threat detection, and fraud prevention technologies.
Today, over 100,000 websites are using LoginRadius to reach more than 15 million users a month, along with partnerships with giants such as Amazon, Mozilla and Microsoft.
In an interaction with TNM, Rakesh Soni, CEO & Founder of LoginRadius, delved into various aspects including the inception of the company, how it is securing customer data and the company’s expansion plans among other things.
Here are excerpts.
How did LoginRadius start its journey?
The concept of LoginRadius was born when Deepak and I were developing a traditional login system for a new web application. We realised what a hassle it would be for users to register, between filling out long forms and remembering an additional set of username and passwords. So, in order to simplify the task for the end users, we decided to let them log in via their existing accounts on Gmail, Facebook, Twitter, etc. and integrated this feature on our new project.
In mid-2011, we started developing it as a separate product, after which we launched the beta version in 2012. We quit our jobs when we started gaining momentum and joined an accelerator program called FounderFuel out of Montreal. We had some good learnings there. We raised our seed funding of $1.3 million in early 2014 and started growing our team. Since then, we have been growing over 100% annually, have raised $17 million in Series A funding, working with many Fortune 1000 companies and currently operate from five offices globally.
How is LoginRadius helping businesses address the security gaps while managing and handling customer data?
In this age of digitisation, LoginRadius’ aims to help businesses effectively and efficiently connect with their customers from around the world. LoginRadius provides enterprises with a fully managed cloud CIAM solution, prioritising guaranteed system performance. With most of our clients growing, LoginRadius recognises the need for a highly scalable and flexible platform that can grow with them. We have focused our efforts on building a robust infrastructure that continuously provides industry-leading availability and security for clients with hundreds of millions of users.
Serving over 3,000 businesses and with a monthly reach of over a billion users worldwide, LoginRadius always aims to maintain the 100% uptime benchmark to ensure flawless connection and availability. Our CIAM platform is designed with security as the highest priority, ensuring that customer data and identity are protected without sacrificing performance, availability, or scalability.
What are the top challenges faced by the company when it comes to securing customer information?
Today, with an increase in cyber-attacks globally, Indian enterprises have become aware of the damages data leaks can cause. But India still has a long way to go, especially as the country is on the cusp of digital transformation. The challenge lies in making customers more aware and balancing long term security with present term investment. There is immense potential and LoginRadius is keen to be a part of the journey.
Company’s hiring and expansion plans in India
We plan to strengthen our research and development (R&D) and business operations team in India by hiring around 200 people in the country by 2020. We are primarily focusing on companies which have demonstrated adoption of enterprise cloud technologies and care of customer experience and security. We also aim to target tech startups who need CIAM (Customer Identity and Access Management).
Who are some of your major clients?
LoginRadius is serving over 3,000 businesses and has a monthly reach of a billion users worldwide. Our clients include leading companies in media, retail, travel and hospitality sectors including Conde Nast, Viacom, Weather Network, 21st Century Fox.
How much funding has the company secured?
We have already raised $17 million in Series A funding led by ForgePoint Capital and Microsoft’s venture fund M12, along with existing investors including Real Ventures, BDC Capital, and Yaletown Venture Partners.
What are the major loopholes when it comes to data security in India?
Indian enterprises still have a long way to go when it comes to securing data. A lot of companies do not have a cybersecurity strategy in place and lack planning for preventing cybersecurity breaches. This needs to change. There is a lack of awareness at both company level as well as individual level. Though the general public today is more aware about the security of their data, cyber fraud is also on the rise. India came up with a draft data protection bill last year. It is a good step towards addressing various issues plaguing the data ecosystem in India.
How do you see this market evolving in the coming years?
A few years ago, companies were hesitant towards moving to the cloud, experimenting with smaller applications at first. But in the last few years, it has witnessed a dramatic change. Today, as part of digital transformation, companies are moving most of their IT workload to the cloud. This will create a need for effective customer management platforms which are available on the cloud, such as LoginRadius.