In the recent funding event, developer of biometrics security technology – BioCatch announced that they raised $145 million.
A statement declares that the company’s technology assists in tracking user behavior on the websites to determine if a customer is real or a fraudster. Its technology is now used by 40 and more largest global financial institutions, the company said.
A top-notch client base is one of the major reasons why the company could captivate the Bain Capital Tech Opportunities investment team as a lead for its recent event. Bain Capital, a multi-billion dollar private equity firm along with former investors American Express, Maverick Ventures and OurCrowd, the Israeli crowd-funding investor firm are supporting the company.
BioCatch will utilize its recent hoard of cash on sales & marketing and research & development to embark on different verticals ahead of the financial services world.
The investment will enhance BioCatch’s swift advancements, widen its product offerings and encourage its growing client base into different verticals.
“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,” stated Howard Edelstein, the firm’s chief executive officer. “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,” he added.
Since it’s an introduction to service the financial services sector, the firm has so far multiplied its footprint in fraud detection and prevention to other verticals including e-Commerce. The firm stated that BioCatch aims to instigate new software for the public sector offerings in 2020.
The firm asserts that its technology can indicate the existence of fake accounts or stolen identities at onboarding, acknowledge account takeovers and report social engineering scams by using voice recordings.
With its investment in BioTech, Bain will be boosted for its long history of fintech and cybersecurity deals including InAuth, acquired by American Express, investments in WorldPay and Blue Coat which was acquired by FIS.
Dewey Awad, Managing Director at Bain Capital Tech Opportunities stated “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.”