Global private equity firm Permira’s Growth Opportunities II, fund has acquired a majority stake in BioCatch, a specialist in digital fraud detection and financial crime prevention powered by behavioural biometric intelligence.
BioCatch focuses on fraud and money laundering detection and prevention through behavioural biometric intelligence, which uses advanced machine learning to distinguish between legitimate account users and criminal elements that have opened or taken over accounts through illicit means.
The Company’s algorithm monitors and analyses the digital behaviour patterns and cognitive guidance of hundreds of millions of retail banking customers, providing insights into the legitimacy of their identity and behaviour without compromising privacy.
After surpassing $100m in ARR and achieving EBITDA profitability in 2023, BioCatch has maintained its strong momentum into 2024, achieving 43% ARR growth YoY in the first half of the year, making it the best first half year in the Company’s history. ARR from its new solutions, scam prevention and mule detection, has more than tripled over the last year.
BioCatch now serves over 200 financial institutions globally, including more than 30 of the world’s top 100 banks, and protects over 400 million banking customers worldwide from fraud and financial crime. Since 2018, BioCatch has prevented an estimated $4.72bn in fraud.
As part of the deal, Stefan Dziarski, Partner and Co-Head of Permira Growth Opportunities, Dominik Pozny, Principal at Permira, and Ran Maidan, Senior Adviser and Head of Permira in Israel, will join BioCatch’s Board of Directors. Ran will also serve as Chairman of the Board.
