BioCatch completes best first half in company history, grows ARR by 43% YoY
EL AVIV, Israel and NEW YORK, July 22, 2024 /PRNewswire/ -- BioCatch, the global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence, surpassed goals for both its new sales plan and ARR targets in the first half of 2024, growing its annual recurring revenue (ARR) by 43% over the same period in 2023. The company has already welcomed 36 new customers this year and continues to strengthen relationships with existing ones, achieving 130% net dollar retention in the last 12 months.
BioCatch's flagship product portfolio, BioCatch Connect™, continues to fuel the company's growth. ARR from its scam prevention and mule detection solutions more than tripled over the last year, while ARR from partnerships with banking platforms Alkami and Lumin grew by 129%.
Over the same period, ARR in the APAC region grew 88% — with India's ARR multiplying by nearly a factor of six — thanks in part to a large demand for solutions to combat the funneling of scam proceeds through money laundering syndicates in the region.
The company also landed its first customer in France, as part of a broader strategic expansion into continental Europe, and added another marquee customer in Brazil.
"Our success is a direct result of our focus on customer success," BioCatch CEO Gadi Mazor said. "The current economic environment is not in favor of the financial services industry, as regulations, inflation, and innovation collide to complicate customer acquisition and retention, compliance, and profitability. We are seeing growth despite the challenging environment our customers face because we help them recognize opportunities for operational efficiency driven by a commitment to consumer trust, simplicity, and protection. We look forward – in the second half of 2024 and beyond – to continuing to prove the superiority and value of our technology to prospects, partners, and customers alike. We will not stop innovating and are excited to deliver new solutions that will forever change how the world fights fraud and financial crime."