Continued momentum proves behavioral biometric
intelligence now considered a required solution for combatting
next-gen, AI-powered digital fraud and financial crime
TEL AVIV, Israel and
NEW YORK, July 22, 2024 /PRNewswire/ -- BioCatch, the
global leader in digital fraud detection and financial crime
prevention powered by behavioral biometric intelligence, surpassed
goals for both its new sales plan and ARR targets in the first half
of 2024, growing its annual recurring revenue (ARR) by 43% over the
same period in 2023. The company has already welcomed 36 new
customers this year and continues to strengthen relationships with
existing ones, achieving 130% net dollar retention in the last 12
months.
BioCatch's flagship product portfolio, BioCatch
Connect™, continues to fuel the company's growth. ARR from its
scam prevention and mule detection solutions more than tripled over
the last year, while ARR from partnerships with banking
platforms Alkami and Lumin grew by 129%.
Over the same period, ARR in the APAC region grew 88% — with
India's ARR multiplying by nearly
a factor of six — thanks in part to a large demand for solutions to
combat the funneling of scam proceeds through money laundering
syndicates in the region.
The company also landed its first customer in France, as part of a broader strategic
expansion into continental Europe,
and added another marquee customer in Brazil.
"Our success is a direct result of our focus on customer
success," BioCatch CEO Gadi Mazor
said. "The current economic environment is not in favor of the
financial services industry, as regulations, inflation, and
innovation collide to complicate customer acquisition and
retention, compliance, and profitability. We are seeing growth
despite the challenging environment our customers face because we
help them recognize opportunities for operational efficiency driven
by a commitment to consumer trust, simplicity, and protection. We
look forward – in the second half of 2024 and beyond – to
continuing to prove the superiority and value of our technology to
prospects, partners, and customers alike. We will not stop
innovating and are excited to deliver new solutions that will
forever change how the world fights fraud and financial crime."
Other milestones achieved in H1 include:
- Scaling to protect more than 400 million banking customers
around the world from fraud and financial crime, processing more
than 11 billion user sessions per month.
- Adding 36 new customers to a global roster of more than 200.
This includes the addition of three of the world's largest 100
retail banks by assets in 2024, with more than 30 of the top-100
now utilizing BioCatch solutions.
- Onboarding 48 new employees, bringing the total team headcount
to more than 330 in almost 20 different nations.
- Preventing an estimated $4.72
billion in fraud since 2018.
- Releasing three highly publicized research reports including
the 2024 AI, Fraud and Financial Crime Survey, as well as
BioCatch's annual EMEA and APAC Digital Fraud Trends reports.
- Being named a finalist for Microsoft's Partner of the Year
Award in the financial services category.
- Establishing new partnerships with Google Cloud and The
Knoble.
BioCatch's H1 2024 success comes on the heels of a May 2 announcement that global investment firm
Permira had acquired a majority stake in the company.
About BioCatch:
BioCatch stands at the forefront of digital fraud detection,
pioneering behavioral biometric intelligence grounded in advanced
cognitive science and machine learning. BioCatch analyzes thousands
of user interactions to support a digital banking environment where
identity, trust, and ease coexist. Today, more than 30 of the
world's largest 100 banks and 210 total financial institutions rely
on BioCatch Connect™ to combat fraud, facilitate digital
transformation, and grow customer relationships. BioCatch's Client
Innovation Board – an industry-led initiative featuring American
Express, Barclays, Citi Ventures, HSBC, and National Australia Bank
– collaborates to pioneer creative and innovative ways to leverage
customer relationships for fraud prevention. With more than a
decade of data analysis, more than 90 registered patents, and
unmatched expertise, BioCatch continues to lead innovation to
address future challenges. For more information, please visit
www.biocatch.com.
Media Contact:
Mac King
mac.king@biocatch.com
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