BioCatch, a behavioral biometrics pioneer based in New York and Tel Aviv, has completed a $145 million Series C investment led by Bain Capital Tech Opportunities.
Behavioral biometrics analyzes an online user’s physical and cognitive digital behavior to protect users and their data more securely than do
traditional methods such as usernames and passwords.
More than 40 financial institutions around the globe are using BioCatch’s technology to safeguard authentication, detect fraud (including sophisticated voice scams), drive digital transformation and accelerate growth.
The company’s annual recurring revenues increased 150 percent in 2019. BioCatch signed its first e-commerce client in 2019 and plans to launch in the public sector in 2020.
“Their technology is highly applicable to other verticals beyond financial services that have the same need to balance fraud and the user experience,” said Dewey Awad, a managing director at Bain Capital Tech Opportunities.
“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,” said Howard Edelstein, BioCatch Chairman & CEO. “In such times, technologies like behavioral biometrics become more important than ever.”
Also joining the Series C round were new investors including Industry Ventures as well as existing shareholders American Express Ventures, CreditEase, Maverick Ventures and OurCrowd, among others.