BioCatch has completed a $145 million Series C funding round, led by Bain Capital Tech Opportunities, the growth investing business of Bain Capital.

Also joining the round were new investors, including Industry Ventures, as well as existing shareholders American Express Ventures, CreditEase, Maverick Ventures and OurCrown, among others.

The investment will accelerate BioCatch’s rapid growth, broaden its product offerings and further support its expanding client base into new sectors.

BioCatch’s behavioural biometrics technology seeks to protect financial institutions, their clients 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, behavioural biometrics monitors user behaviour throughout each online session, providing continuous protection and ensuring a secure and seamless online experience.

The company grew annual recurring revenues by 150 per cent in 2019 and now counts more than 40 of the world’s largest global financial institutions as customers.

“BioCatch’s growth in annual recurring revenue and client base speaks directly to the growing demand for our service and the increasing number of use cases we are able to support,” said Howard Edelstein, BioCatch's chairman and chief executive. “The current environment has spawned a large increase in bad actors seeking to take advantage of distracted individuals working from home or dispersed companies whose technologists are scattered in remote locations."

The company signed its first e-commerce client in 2019 and is planning to launch in the public sector in 2020. BioCatch stated that it is also working on detecting the use of stolen or synthetic identities at the onboarding stage, recognising account takeovers and flagging increasingly-sophisticated social engineering scams.

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