The problem
Every mainstream password manager asked users to trust one central cloud vault with their most sensitive secrets — a single target for attackers — while small-business IT teams had to choose between flimsy point tools and heavyweight identity suites.
How it works
Myki’s free Android and iOS apps stored passwords, payment cards, ID cards, and notes in an encrypted vault kept on the user’s own device, offline and away from any company cloud. For businesses it packaged the same decentralized approach as enterprise identity management with MSP-ready distribution — after the JumpCloud acquisition, existing Myki MSPs were invited directly into JumpCloud’s MSP programme.
Pain points
Centralized credential vaults as honeypots, password reuse across work and personal life, and IT leaders forced into patchworks of point solutions that were neither robust nor easy to deploy.
Business model
Free consumer apps building the brand and user base, monetized through paid decentralized identity management for enterprises and distribution via managed service providers.
Challenges
Myki faced deeply entrenched cloud password managers on the consumer side and legacy identity vendors in the enterprise, had to scale US operations from Beirut roots, and — like many regional exits — never disclosed the acquisition price, leaving the financial outcome opaque.
Funding
- Raised: $1.2M seed (2017) led by BECO Capital, then a $4M Series A (Sep 2018) led by BECO with LEAP Ventures and B&Y Venture Partners, taking total disclosed funding to $5.2M (MENAbytes).
- Exit: acquired by JumpCloud for an undisclosed amount; deal already closed at announcement, with all Myki employees offered employment at JumpCloud (Wamda).
Latest — Mar 2022
On 2 March 2022 US cloud directory platform JumpCloud announced it had acquired Lebanon-born Myki for its technology portfolio, engineering talent, and MSP relationships, folding decentralized identity management into its directory platform for SME IT (Wamda).