- Behavioral biometrics leader BioCatch announced it raised $145 million in Series C funding led by Bain Capital Tech Opportunities
Behavioral biometrics leader BioCatch announced it raised $145 million in Series C funding led by Bain Capital Tech Opportunities, which is the growth investing business of Bain Capital. Industry Ventures and existing investors American Express Ventures, CreditEase, Maverick Ventures, and OurCrowd also joined the round.
The funding round will accelerate BioCatch’s rapid growth, broaden product offerings, and further support its expanding client base into new verticals.
BioCatch’s category-defining behavioral biometrics technology is seeking to protect some of the world’s largest financial institutions, their clients, and their clients’ assets from fraud and other types of criminal activity, including sophisticated social engineering voice scams.
And unlike traditional security methods — like usernames and passwords, which are easily compromised — behavioral biometrics monitors user behavior throughout each online session and provides continuous protection and ensuring a secure and seamless online experience.
BioCatch grew its annual recurring revenues by 150% in 2019 and now counts over 40 of the world’s largest global financial institutions as customers. Last year, BioCatch signed its first e-commerce client. And the company is planning to launch in the public sector this year.
Key Quotes:
“BioCatch’s growth in annual recurring revenue and client base speaks directly to the growing demand for our service and the increasing number of use cases we are able to support. The current environment has spawned a large increase in bad actors seeking to take advantage of distracted individuals working from home or dispersed companies whose technologists are scattered in remote locations. In such times, technologies like behavioral biometrics become more important than ever. We are also excited to partner with a leading technology investor like Bain Capital, as well as grateful for the continued confidence of our existing investors, who know the company better than anyone. We look forward to working together with this outstanding group of investors to further scale the company.”
-BioCatch Chairman & CEO Howard Edelstein
“BioCatch has quickly established itself as a pioneer in the digital identity space by developing next-generation behavioral biometrics technology that integrates fraud detection and authentication capabilities to protect end-users and their most sensitive transactions. Their technology is highly applicable to other verticals beyond financial services that have the same need to balance fraud and the user experience. We look forward to partnering with Howard and his team to expand the platform while remaining focused on serving the needs of clients and their end-users around the world.”
-Dewey Awad, a Managing Director at Bain Capital Tech Opportunities
