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Israeli fintech BioCatch raises $145M in Series C funding

Image by BioCatch

Fri, 24 Apr 2020, 04:57 am UTC

BioCatch, an Israeli fintech which uses behavioral biometrics to reduce online fraud and cybercrime, has landed a $145 million in Series C funding, Fintech Futures reported.

The round was led by multi-billion dollar private equity firm Bain Capital Tech Opportunities. Its existing shareholders American Express Ventures, CreditEase, Maverick Ventures and OurCrowd, and new investor Industry Ventures participated too.

“Their [BioCatch’s] technology is highly applicable to other verticals beyond financial services that have the same need to balance fraud and the user experience,” said Dewey Awad, Managing Director at Bain Capital.

There are over 40 financial institutions using BioCatch’s technology, which analyzes thousands of “behavioral parameters” on user devices to produce real-time risk scores that help determine human and non-human cybersecurity threats.

In 2019, the company grew its annual recurring revenues by 150%. BioCatch will use the money from the new funding round to expand its product offerings and to move the new industry verticals. It signed its first e-commerce client in 2019 and is planning to launch it in the public sector this year.

“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 behavioral biometrics become more important than ever,” said Howard Edelstein, BioCatch Chairman & CEO.

Meanwhile, fintech Crypto Finance AG also made $14.5 million in its Series B funding from Big Name Swiss and Asia Pacific Investors. It was led by Swiss investor Rainer-Marc Frey and major Beijing-based private equity fund Lingfeng Capital. Several existing and new investors across Europe and Asia also joined the round including Asian-based QBN Capital and PricewaterhouseCoopers.

“The robust financial regulatory field and vibrant crypto community attracted QBN to invest in Switzerland. Crypto Finance AG is one of the best in its ranks. Digital asset trading is here to stay, and we can learn from Swiss experience”, said Dr Frank Tong of QBN Capital

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