BioCatch Continues to Set New Sales Records in 2023
Notches Record First Half New Sales Results and Highest NPS Score in Company History
TEL AVIV, Israel and NEW YORK, Sept. 6, 2023 /PRNewswire/ -- BioCatch, the global leader in digital fraud and money laundering detection and response powered by behavioral biometric intelligence, today announced it grew annual recurring revenue by 45% over Q2 2022 and added 19 new customers in the quarter ending June 30, 2023.
The accelerated growth is fueled by rapid adoption of BioCatch Connect™ in the Latin American region as that market continues to invest in digital transformation, the need for mid-market retail banks to deliver frictionless digital banking experiences that match customer expectations set by their global peers, and the dramatic increase in mobile banking fraud worldwide.
Key milestones in the quarter closing June 30, 2023 included the acquisition of its first-ever telecommunications customer, a top-3 global provider, and the onboarding of a top-five Australian bank. Eight of the top-ten banks in Australia now rely on BioCatch for advanced fraud detection powered by behavioral biometric intelligence. As of June 30, 2023, BioCatch is processing more than 7 billion user sessions per month, as its technology rapidly scales to meet increased customer demand. To support its increasing new customer base, BioCatch added 18 new employees in Q2 2023, bringing total headcount to more than 275.
Additionally, recent results from BioCatch's 2023 annual customer survey revealed a customer interviewee satisfaction and loyalty score of 71, the highest ever received and one that is considered best in class across all industries. This year's survey included a significantly larger customer base than in 2022 and the average Net Promoter Score by company grew to eclipse 80. Notably, customers appreciated and recognized BioCatch's technical, threat and account management services above 4.6 on a scale of 1 to 5. Eighty percent of customers recognized BioCatch implementation as above average and exceptional, citing continuous improvement and increase in fraud capture as their key return on investment metric.
"We are humbled by our customers recognition of our value and partnership in their fight to defeat fraud and transform their risk operations to support frictionless digital banking. Obviously, revenue growth is the goal of every commercial organization; however, customer satisfaction and their appreciation of what we do and how we participate in the community is also very special and motivates us to continuously improve." said Gadi Mazor, CEO of BioCatch.
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 digital interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 25 of the world's leading 100 banks and >100 of the largest 500 rely on BioCatch's solutions 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, over 80 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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