BioCatch completes best first half in company history, grows ARR by 43% YoY

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• USA - English

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
[email protected]

SOURCE BioCatch