Identity security company Ping Identity launched improvements to one of its solutions this week.

The enhancements are for Ping Federate, which offers banks an omnichannel authentication and access-management solution that uses multi-factor authentication (MFA), single sign-on, and limited access security.

The Colorado-based company launched two upgrades:

1. Elastic scalability:
   Uses IT rules to dynamically grow and shrink AWS and OpenStack environments to lower costs while ensuring services remain available.
2. Contextual MFA:
   Allows administrators to require MFA when users log in under certain circumstances, for example, when accessing apps from outside their network, from public wi-fi or after hours if coming in from an unmanaged device.

Additionally, Ping Identity released an API to allow companies to integrate MFA directly into their web and mobile app authentication flow.

Ping Identity launched in 2003 and now secures access for 1.3 billion identities across 1,500 enterprises. Currently, the company is experiencing record growth of more than 40% YOY and in 2016 expects to achieve $100+ million in annual recurring revenue. Andre Durand is CEO.

At FinovateEurope 2012 Ping Identity debuted secure social networking login for financial institutions.

Cloud identity management innovator Ping Identity announced that it has taken its total capital to $110 million, courtesy of a new investment of $35 million.

The funding round was led by KKR, and featured participation from new investor, Ten Eleven Ventures. Also participating were existing investors including: