BioCatch Team (Facebook)
BioCatch, an Israeli biometrics and behavioral startup that helps to fight against bank fraud, has hit the coveted unicorn status. It broke the $1 billion valuation mark with a $70 million investment from Sapphire Ventures. At the same time, BioCatch also reached Centaur status, surpassing $100m in annual recurring revenue.
The company credited its recent success to its BioCatch Connect, the firm’s flagship product portfolio. In particular, BioCatch saw accelerated growth among its recently released scam and mule detection modules as customers look to protect their users against sophisticated social engineering scams and eliminate criminal money laundering networks from their ecosystems. Overall, BioCatch grew ARR 51% as of September 30, 2023 compared to September 30, 2022.
“Achieving centaur status is a direct reflection of the value we provide to our customers and how we enable them to protect their users online,” said Gadi Mazor, CEO of BioCatch. “Behavior is the only true signal of a customer’s identity and motivations. As scams, mobile malware, bots and remote access tools surge, user protection – rather than system security – is key. Our outstanding technology, dedicated employees and collaborative partnership with customers has led to our success and will continue to fuel our growth and market leadership in the years ahead.”
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This news comes just six months after Permira Growth Opportunities acquired a significant minority stake in BioCatch for $40 million.
Founded in 2011 by Avi Turgeman and the late Benny Rosenbaum, BioCatch offers a service in Behavioral Biometrics that analyzes a n online user’s physical and cognitive digital behavior to protect individuals and their assets. The company says that its mission is to unlock the power of behavior and deliver actionable insights to create a digital world where identity, trust and ease seamlessly co-exist. Leading financial institutions around the globe use BioCatch to more effectively fight fraud, drive digital transformation and accelerate business growth. With over a decade of analyzing data, over 60 patents and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems.
Today, BioCatch counts over 100 leading global banks as customers, including over 25 of the top 100 global banks, who use BioCatch solutions to fight fraud, accelerate digital transformation, create new revenue channels, and improve customer satisfaction.
