BioCatch has raised an additional $20 million in capital. The funds are being added to the company’s recent Series C investment haul, and bring the total for the round to a whopping $168 million.
The latest $20 million comes from a group of banks that includes Barclays, Citi, HSBC and National Australia Bank (NAB). BioCatch previously announced $145 million in Series C funding in a wave that was led by Bain Capital Tech Opportunities, with additional support from American Express Ventures, Maverick Ventures, and CreditEase, amongst other organizations.
In announcing the funding, BioCatch went on to reveal that it is forming a Client Innovation Board that will try to come up with new ways to leverage behavioral biometrics technology. Membership on the board is by invitation only, and will initially be extended to American Express Ventures, and to the four banks that contributed the new $20 million. Each organization will have two seats on the board.
Together, the Board members will monitor industry trends and brainstorm new ideas to help financial institutions stay ahead of fraudsters. They will also explore opportunities for collaboration that could raise the security standards for the financial industry as a whole.
“We are excited that five of the largest global financial institutions are working with BioCatch to address pressing problems in the areas of online fraud, account authentication and digital identity,” said BioCatch Chairman and CEO Howard Edelstein. “We have seen collaboration solve difficult problems in other areas of the financial services industry when banks work together and share knowledge, workflow and data in the common interest.”
BioCatch recently revealed that it now has more than 150 million behavioral biometric profiles in its database, while CB Insights placed BioCatch on its annual FinTech 250 list of the fastest-growing companies in the FinTech industry. The company has repeatedly warned about the rising rates of fraud during the COVID-19 pandemic.
September 30, 2020 – by Eric Weiss