BioCatch, the pioneer of behavioural biometric intelligence and global leader in fraud detection, today announced historic first-quarter revenue results. The company posted its best-ever quarter in terms of gross new sales, increasing new sales 130% compared to Q1 2022. Additionally, BioCatch grew ARR 50% from Q1 2022 and has doubled ARR over the last year-and-a-half. The rapid growth is fuelled by the continuing rise of digital fraud targeting the global banking industry and the critical need for financial institutions to detect and stop ever-evolving social engineering scams and money laundering activities.
As of the first fiscal quarter of 2023, BioCatch is processing more than 6 billion user sessions per month, driven by new and existing customers expanding their use of behavioural-based solutions globally. The company added 18 new customers in the first quarter and continues to expand its footprint with existing customers as well, with 40% of ARR growth over the last year coming from current customer expansions. BioCatch has seen the fastest growth across Central and South America, fuelled by rapid digital transformation by financial institutions in the region and their need to protect consumers against evolving mobile banking fraud threats. In North America, the company’s robust industry partnerships accounted for 11 first-quarter new customers as financial institutions increasingly turn to advanced behavioural biometric solutions to create secure and frictionless digital customer experiences.
To support its increasing new customer base, BioCatch added 22 new employees in Q1 2023, bringing total headcount to more than 260. The company plans to continue hiring for more than 40 new positions over the remainder of 2023 as it continues to expand its global market.
BioCatch’s growth and market recognition illustrates the need for rapid adoption of world-class behavioural-based fraud solutions by financial institutions. Media headlines are dominated with stories of savvy fraudsters targeting vulnerable, unsuspecting consumers with social engineering scams as the cybercriminals evolve and find weaknesses outside banking institution firewalls. Last week BioCatch reported that scams have risen more than 50% in the EMEA region since 2022, a clear indicator that financial institutions must act fast to protect their customers.
BioCatch’s growth is also fuelled by its anti-money laundering solution, Mule Account Detection. Banking organisations face customer, media, and governmental scrutiny and are being held accountable for shutting down money laundering operations after massive pandemic-related fraud losses. BioCatch’s Mule Account Detection empowers banks to identify accounts designated for money laundering before any transactions pass through, allowing banks to shut down the accounts and dismantle criminal activities early.
“BioCatch’s continued historic growth illustrates the market demand for behavioural biometric intelligence in the face of rising and relentless social engineering fraud attacks, the continued evolution of bots and mobile malware, and, of course, the rapid adoption of automated push payment systems, such as Zelle in the US,” said Gadi Mazor, BioCatch CEO. “We work side-by-side with the largest global banks, empowering their teams with the intelligence and agility to detect and stop fraud before their consumers become victims of organised financial crime. 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.”
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