Israel-based behavioural biometrics technology provider BioCatch closed a $145m series C round yesterday featuring online lending platform CreditEase and American Express Ventures, the investment arm of payment services firm American Express.
Bain Capital Tech Opportunities, a growth equity vehicle for private equity firm Bain Capital, led the round, while Industry Ventures, Maverick Ventures and OurCrowd also took part.
BioCatch’s behavioural biometrics software helps prevent online fraud by analysing the digital behaviour of each online user in order to verify the identity of potential customers. It said it attracted its first e-commerce customer in 2019 and will enter the public sector market later this year.
Howard Edelstein, Chairman and chief executive of BioCatch, 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 round boosted the total raised by BioCatch to $192m since it was founded in 2011, its early funding coming from investors including OurCrowd and Blumberg Capital.
Maverick Ventures led the company’s $30m series B round in early 2018, investing with American Express Ventures, CreditEase, OurCrowd, Janvest Capital Partners, NexStar Partners, Kreos Capital and unnamed existing backers.
