FB pixel

BioCatch closes $30 million funding round to support growth plan as behavioral biometrics race begins

 

BioCatch has closed a $30 million financing round to fund its growth plan and support its vision to redefine digital identity and provide trust for online interactions, the company has announced.

The funding round was led by Maverick Ventures, with participation from American Express Ventures, NexStar Partners, Kreos Capital, CreditEase, OurCrowd, JANVEST Capital, and other existing investors.

“BioCatch helps to answer the question, ‘who are you’ in an online world where fraudsters operate with the legitimate credentials of others, making it very hard to distinguish them from authorized users,” said Howard Edelstein, BioCatch Chief Executive Officer. “We take pride in the track record we have amassed and the role that we play as an integral part of our clients’ identity strategy. This strategy cuts across the digital ecosystem, from stopping fraud in real-time to preventing fake accounts from being opened in the first place, all while enabling a seamless user experience.”

Edelstein was recently appointed BioCatch CEO, though he has served as chairman of the company’s board of directors since 2016. He told TechCrunch that a race has developed in the behavioral biometrics market over the last 24 months, as awareness of the technology increases, and that BioCatch raised the funds to pursue markets beyond the banks it has focused on so far, such as insurance, cryptocurrency, P2P payments, healthcare, and government organizations. The company, which was founded in 2011, will also invest in its product portfolio, and is working on fraud detection technology that detects characteristics of fraud in the entry of data during the signup process.

BioCatch says it monitors over 5 billion transactions per month, proactively collecting and analyzing more than 2,000 parameters to generate user profiles and model different genuine and malicious behaviours. It has more than 56 patents granted or pending, according to the announcement.

“BioCatch has made its mark as behavioral biometrics emerges as a key component in driving authentication and fraud strategies today. Their technology helps minimize friction for the end user, working passively in the background, eliminating the trade-off that has been made to date between security and the user experience,” said Julie Conroy, Research Director of Aite Group’s Retail Banking & Payments Practice.

Article Topics

 |   |   |   | 

Latest Biometrics News

 

Use mDLs for trust and accountability in financial transactions: report

A new white paper from the Secure Technology Alliance’s Identity and Access Forum (IAF) says mobile driver’s licenses (mDLs) can…

 

Big thinkers to prototype deepfake detection tools in year-long challenge

Germany’s Federal Agency for Jump Innovations (Sprind) has issued a call to action for innovative thinkers to develop “breakthrough innovations…

 

Biometrics regulation under Trump likely to minimize federal overreach

With former President Donald Trump soon to return to the White House for a second term, and Republicans in control…

 

Colorado’s consumer privacy law gets expanded biometric protections in draft rules

The Colorado Attorney General’s Office has filed a set of proposed draft amendments to the  2021 Colorado Privacy Act (CPA),…

 

Iris biometric verification, palm prints tests and cheat sheets coming from NIST

The U.S. National Institute of Standards and Technology has plans to expand its biometrics evaluations and reports into several areas…

 

UK policing minister kicks off debate on live facial recognition

UK policing minister Diana Johnston has announced that the current Labor government will hold a series of discussions on police…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events