Cision PR Newswire
BioCatch Surpasses $100m USD ARR
News provided byBioCatch
Nov 20, 2023, 4:00 AM ET
BioCatch Becomes Centaur with more than 50% Growth YoY in Annual Recurring Revenue (ARR); Achieves Profitability While Scaling Operations & Global Reach Faster than any Other Behavioral-Powered Digital Fraud Prevention Vendor in History
TEL AVIV, Israel and NEW YORK, Nov. 20, 2023 /PRNewswire/ -- BioCatch, the global leader in digital fraud and money laundering detection and response powered by behavioral biometric intelligence, today announced that it has reached Centaur status, surpassing $100m in annual recurring revenue.
The milestone achievement is fueled by the rapid adoption of BioCatch Connect™, the Company'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.
In 2023, BioCatch has achieved additional significant operational milestones including:
- Achieving year-to-date cash flow and EBITDA profitability while projecting profitability across both these metrics for fiscal 2024.
- Recording its highest ever sales quarter in Company history.
- Scaling to process more than 9 billion user sessions per month.
- Adding 62 new customers to its global roster of 152 including 28 of the world's largest retail banks by assets under management and its first-ever telecommunications provider.
- Onboarding more than 50 employees in more than 14 countries.
- Protecting more than 315 million banking customers globally.
- Preventing more than $3 billion in fraud since its first customer deployment in 2016.
- Expanding relationships with cloud platform providers such as Microsoft.
- Welcoming a strategic investment from Sapphire Ventures.
A significant reason for BioCatch's ARR growth and market expansion is the value and return on investment the BioCatch ConnectÔ portfolio of products delivers to its customers. These returns include an average of 1,500% improvement in fraudulent account detection, an 80% reduction in transaction-related fraud rates, a 40% improvement in customer experience, a 30% reduction in false positive rates and a 30% improvement in fraud team efficiency and throughput in comparison to first-generation digital fraud detection platforms. Behavioral Biometric Intelligence is a unique tool for detecting and preventing emerging scams and financial crimes and has the added benefit of improving customer experience by simplifying and streamlining a user's online banking transaction.
"BioCatch has experienced incredible growth in the last few years, especially in these last 12 months, thanks to best-in-market customer service, flawless go-to-market execution, and innovative market product development. Fraud and financial crime are accelerating faster than banks can manage, not because they are not innovating, but because criminals are targeting customers, not systems," said Rajeev Dham, Partner at Sapphire Ventures. "We believe the future of financial crime prevention is behavior and we are excited to partner with a company that is the clear leader in this new frontier of digital fraud fighting."
"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."
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 28 of the world's leading 100 banks and 152 of the largest 500 rely on BioCatch ConnectÔ 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, 90 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.
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