BioCatch grows ARR by 49% over 2022; Surpasses the $100mm milestone; Achieves cash flow and EBITDA profitability in FY 2023
TEL AVIV, Israel and NEW YORK, Jan. 22, 2024 /PRNewswire/ -- BioCatch, the global leader in digital fraud and money laundering detection and response powered by behavioral biometric intelligence, today announced preliminary results for its fiscal year 2023, achieving 49% annual ARR growth after closing the largest sales quarter in the company's history, on the heels of crossing the $100m ARR milestone in early November 2023.
The record-breaking final fiscal quarter of 2023 completed a momentous year during which BioCatch welcomed 78 new customers and significantly expanded its relationships with existing customers, achieving 126% Net Dollar Retention. The organization's growth continues to be fueled by the rapid adoption of BioCatch Connect, the company's flagship product portfolio. Adoption of BioCatch Connect accelerated in the final months of 2023 with Scam Prevention and Mule Detection solutions sales growing by 390% over 2022. In September 2023, the company released BioCatch Scout, a graphical, next-generation link analysis technology that presents pre-crime interdiction intelligence to reveal the depths of global criminal networks of connected accounts, devices, and individuals associated with fraud or money laundering.
BioCatch continues to see global demand for its world-class protection suite with North America and Latin America each comprising approximately 30% of year-ending ARR and Europe and Asia-Pacific each comprising approximately 20% respectively. The Asia-Pacific region grew more than 80% in 2023 driven by accelerating traction in Southeast Asia and continued momentum in Australia.
The BioCatch Connect portfolio continues to add significant value to community banks and credit unions with ARR from banking technology platform partnerships growing 274% in 2023.
For the full fiscal year 2023, BioCatch recorded significant revenue, operational, and customer satisfaction milestones, including:
- Eclipsing historical sales records in three of four selling quarters leading significant overachievement of FY 2023 operating plan.
- Significantly expanding customer relationships with new sales to existing customers growing >80% compared with 2022.
- Scaling to protect more than 350 million banking customers globally and process more than 9 billion user sessions per month.
- Adding 78 new customers to its global roster of 176, which includes 29 of the world's largest retail banks by assets and one of the top three largest telecommunication providers.
- Onboarding more than 71 employees in more than 14 countries.
- Preventing more than $3.5 billion in fraud since its first customer deployment in 2016.
- Expanding relationships with cloud platform providers such as Microsoft.
- Welcoming a strategic investment from Sapphire Ventures and Macquarie Group.
Looking ahead, BioCatch projects growing cash flow and EBITDA profitability in fiscal year 2024.
"We are thrilled to invest in BioCatch as a global leader in the detection of, and response to digital fraud and money laundering," said Gary Munitz, Head of Venture Capital (Israel, UK & EMEA). "Having seen BioCatch's commitment to providing fraud prevention solutions to financial institutions, Macquarie Capital has decided to make this investment into BioCatch to further support their business growth."
"It continues to amaze me what is possible with innovation, focus, collaboration, and execution. These were the foundations of our success and over achievement in 2023. We focused on our customers success, on proving the differentiation and value of our technology to our prospects and partners, and on strengthening our world-class operational teams across our business," said Gadi Mazor, CEO of BioCatch. "As we look forward, we are poised to deliver solutions that will forever change how we as a fraud fighting community detect and prevent financial crime and associated illegal activities. Thank you to our customers, our partners, and our employees for a phenomenal 2023, we look forward to delivering unmatched value and growth again in 2024."
About BioCatch
BioCatch stands at the forefront of digital fraud detection and financial crime prevention, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 29 of the world's leading 100 banks and 176 of the largest 500 rely on BioCatch ConnectÔ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch's Client Innovation Board, an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank, collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 90 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.
Media Contact:
Jay Jones
Jay.jones@biocatch.com
404.668.0218
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