BioCatch continues rapid expansion through Q3, grows ARR by 40% year-over-year
Continued momentum shows banks see behavioral biometric intelligence as a mandatory solution for combatting next-generation fraud, scams, and financial crime
By OurCrowd Team
BioCatch, the global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence, grew its Q3 annual recurring revenue (ARR) by 40% year-over-year. BioCatch welcomed 31 new customers in the quarter and continues to strengthen relationships with the world's largest retail banks, achieving a world-class 124% net dollar retention over the last 12 months.
BioCatch's flagship product portfolio, BioCatch Connect™, continues to fuel the company's growth. Total ARR from new products grew 165% year over year, driven in part by significant adoption of its mules solution in the APAC region, where BioCatch helped APAC banks shut down more than 150,000 money mule accounts in 2023.
"We remain laser focused on our customers," BioCatch CEO Gadi Mazor said. "Bad actors never stop innovating, and so we – as an industry – must not either. We believe cooperation among banks, regulators, law enforcement, and vendors is a vital part of this progress and must be foundational to an industry-wide, proactive fraud and financial crime detection and prevention strategy. We're excited to introduce new initiatives and deliver forward-thinking solutions in the next few months and beyond that we believe will change forever change the fraud and financial crime fighting landscape."
Other milestones achieved in Q3 include:
- The official closing of global investment firm Permira's acquisition of a majority stake in the company.
- The signing of a global deal with a multi-national bank headquartered in Europe.
- Adding 31 new customers to a global roster of 237, including onboarding one of the world's largest 100 retail banks. BioCatch now serves 34 of the global top-100 banks.
- Onboarding 23 new employees, bringing the total team headcount to more than 340 in 21 different nations.
- Continued and consistent EBITDA growth and zero debt.
- Releasing two highly publicized research reports covering fraud trends in Brazil and Latin America.
- Partnering with the Global Anti-Scam Alliance (GASA) on its The State of Scams in France – 2024 report and Javelin Strategy & Research on a consumer survey covering The Emotional Undercurrent of Financial Scams.
- Co-publishing Financial Crime and 314(b): A Practical Guide to Navigating Information Sharing Obstacles with The Knoble.
- Earning the silver medal in the Best Financial Crime Investigation and Reporting category of Datos Insights' 2024 Fraud & AML Impact Awards.