Israeli behavioral biometrics company BioCatch today announced that four major global banks - Barclays, Citi, HSBC and National Australia Bank (NAB) - have invested $20 million in the company, expanding the company’s recent Series C financing round to $168 million raised.
Following the funding, BioCatch has established the BioCatch Client Innovation Board. The invitation-only Innovation Board will be a collaborative forum where members will meet regularly to develop new, creative and cutting-edge ways to leverage and scale the unique attributes of behavior.
The four investing banks and longtime BioCatch investor American Express Ventures will each be allocated two seats on the Client Innovation Board. Innovation Board members will offer insights on the latest industry trends and ideas for new BioCatch offerings and technology. One of the board’s key focus areas will be on the development of advanced solutions that stay ahead of online fraud, which has proliferated since the advent of the coronavirus. BioCatch Client Innovation Board members will also work closely with each other and with the company to explore how collaboration and network effects can effectively combat online fraud and identity theft at an industrywide level.
BioCatch was founded in 2011 by Avi Turgeman, who serves as CTO and vice president for business development, and the late Benny Rosenbaum. They were later joined by Uri Rivner, who is the company's Chief Cyber Officer. The company's chairman and CEO is Howard Edelstein, a fintech pioneer, who has been advising BioCatch since 2015 on behalf of OurCrowd. The company has offices in Tel Aviv, London, and the US. Gadi Mazor, one of the founders of OurCrowd, is Chief Operating Office r and General Manager, Israel.
BioCatch chairman and CEO Howard Edelstein said, "We are extremely excited that five of the largest and most important global financial institutions are working with BioCatch to jointly address today’s most pressing problems in the areas of online fraud, account authentication and digital identity. We have already seen the power of collaboration in solving difficult problems in other areas of the financial services industry, such as clearing corps, transaction networks, post-trade processing, margin calculation and collateral management, when banks work together and share knowledge, workflow and data in the common interest."
BioCatch’s behavioral biometrics technology protects some of the world’s largest financial institutions, and their clients’ assets from fraud and other types of criminal activity, including sophisticated social engineering voice scams. Unlike traditional security methods such as usernames and passwords, which are easily compromised, behavioral biometrics monitors user behavior throughout each online session, providing continuous protection and ensuring a secure and seamless online experience. The company grew annual recurring revenues by 150% in 2019 and now counts more than 40 of the world’s largest global financial institutions as customers.
Published by Globes, Israel business news - en.globes.co.il - on September 30, 2020
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