Behavioural biometrics platform BioCatch has bagged $145m in its Series C round which was led by growth investor Bain Capital Tech Opportunities.
Other contributions to the round came from Industry Ventures, as well as previous BioCatch backers American Express Ventures, CreditEase, Maverick Ventures, OurCrowd and others.
Having closed the round, the company will look to broaden its product offerings and expand into new verticals.
BioCatch leverages behavioural biometrics to help financial institutions protect their clients from fraud and other criminal activity, such as social engineering voice scams. The technology monitors behaviour of consumers on each of their online sessions, learning their specific habits.
The company witnessed a growth of 150% in annual recurring revenues during 2019.
BioCatch chairman and CEO Howard Edelstein said, “BioCatch’s growth in annual recurring revenue and client base speaks directly to the growing demand for our service and the increasing number of use cases we are able to support.
“The current environment has spawned a large increase in bad actors seeking to take advantage of distracted individuals working from home or dispersed companies whose technologists are scattered in remote locations. In such times, technologies like behavioural biometrics become more important than ever.”
The RegTech platform recently acquired authentication platform AimBrain for an undisclosed amount. AimBrain can detect potential fraud incidents through methods including behavioural biometrics, anomaly detection and other biometric modalities, helping to meet compliance with KYC, AML, PSD2 and other regulatory requirements.
As part of the deal, BioCatch incorporated AimBrain’s technology to improve its capabilities in spotting identity fraud.
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