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New sales up 130% in BioCatch’s first quarter

New sales up 130% in BioCatch’s first quarter
 

Behavioral biometrics firm BioCatch has issued a flattering partial report on its first quarter of 2023.

The company, which designs its behavioral biometrics algorithms to fight fraud, has reported that it increased new sales in the quarter ended March 31 by 130 percent compared to the first quarter of 2022.

That makes gross new sales during the recent period, BioCatch‘s “best ever,” according to the company.

“We are bullish about our continued growth potential as more financial institutions embrace the quickening shift to digital banking across the world and must choose solutions that keep customers happy, safe, and secure,” says CEO Gadi Mazor.

First-quarter annual recurring revenue rose 50 percent compared to the same period a year ago, the company states. Annual recurring revenue reportedly has doubled over the last 18 months. Forty percent of the recurring revenue over the previous year, according to BioCatch, was billable to existing accounts that expanded contracts.

Executives say the company this last quarter began processing 6 billion user sessions per month. Eighteen new customers signed on in the quarter, 11 of which were generated in North America.

The growth of new digital fraud events in Central and South America is following bank operation transformations. That region, in fact, has been the fastest growing for BioCatch, the company claims.

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