Gadi Mazor Appointed New CEO; Grew ARR Over 50% in 2021; Counts 25 of 100 Largest Global Banks as Customers
NEW YORK, NEW YORK and TEL AVIV, ISRAEL (January 27, 2022) – BioCatch, the global leader in behavioral biometrics, today announced its highlights of 2021, a breakout year marked by growth, expansion, and further disruption in the industry, with the fourth quarter of 2021 being the most successful in the company’s history. Growing annual recurring revenue (ARR) by over 50% in 2021, the company has enjoyed ~70% average ARR growth over the last three years. BioCatch promoted Gadi Mazor, formerly Chief Operating Officer of the company, to Chief Executive Officer and added 85 new employees worldwide, including several new senior-level hires, as the company continued its push into new markets and expanded its global footprint to serve a growing roster of high-profile clients including some of the world’s largest financial institutions.
Additional 2021 Highlights:
- BioCatch counts 25 of the top 100 largest global banks as customers
- Drove significant global expansion and recognized 335% ARR growth in APAC
- Vertical expansion into the fast-growing buy-now-pay-later segment
- New hires strengthened BioCatch’s C-suite including Mike Keating as Chief Revenue Officer and Gili Brudno as Chief People Officer
- Promoted Eyran Blumberg, formerly the company’s Senior Vice President of Solutions to Chief Operating Officer.
- Launched two new standalone products: PSD2 Strong Customer Authentication (SCA) and Mule Account Detection
- Brought to market new innovations in behavioral technology including real-time alerting with continuous protection and Age Analysis Capability
- Stopped over 1 million potential fraud attempts, protecting people and their assets
- Secured seven new patents in the US and one registered in the EU, bringing total to 69
- Recognized for product and market leadership and growth by KuppingerCole and Inc. 5000
- Q4 marked the most successful quarter on record for BioCatch
BioCatch drove significant global expansion last year, adding initial customers in the Netherlands, Argentina, Panama and Uruguay. The company also experienced explosive growth in the APAC region, recognizing 335% ARR growth and now counts three of the big four Australian banks as customers. BioCatch continues a history of building and maintaining a strong, sticky and growing customer base, that includes 25 of the top 100 largest global banks. In 2021, the company expanded its market reach to protect midsized banks and credit unions through its partnership with digital banking platform provider Alkami.
BioCatch made tremendous strides in 2021 with a focus on strengthening its senior leadership team. Gadi, a cybersecurity veteran and former member of the Israel Defense Forces, took the reins as new CEO. Industry leaders Mike Keating and Gili Brudno were brought on as CRO and CPO to help the company in its next phase of aggressive growth. BioCatch also invested in its sales and operations and R&D in 2021, expanding those teams to welcome Tim Sadler, appointed Senior Vice President of its Global Sales and Operations, and Oran Tamir, Senior Vice President of R&D. On January 1, 2022, the company promoted Eyran Blumberg, formerly SVP of Solutions, to COO; he steps into the role following the promotion of Gadi Mazor to CEO.
BioCatch expanded its suite of fraud detection offerings in 2021, launching several new products including Mule Account Detection, the first ever solution that delivers comprehensive protection against money mules, people who at someone else’s direction, receive and move money obtained by criminal means. Mule Account Detection was developed in collaboration with the Company’s Client Innovation Board, a collaborative of industry-leading customers and investors. It also launched Age Analysis, a breakthrough account opening protection capability designed to protect vulnerable customers, especially elderly users who are often targeted by cybercriminals. In addition, it strengthened its real-time alerting with continuous protection capability and launched BioCatch’s PSD2 Strong Customer Authentication, which analyzes behavioral, device, and network attributes to conduct One-Time-Passcode (OTP) profiling and offers a layer of entry of familiar information to protect SCA under PSD2.
BioCatch CEO Gadi Mazor said, “Our accomplishments in 2021 were the result of companywide hard work, and we are excited to be strategically positioned for another year of tremendous global expansion. BioCatch’s next phase of growth will be fueled by our innovation and partnerships with financial institutions all over the world. Organizations rely on us to root out fraud and protect their clients from cyberattacks. In the face of an explosion in online fraud scams during the pandemic, BioCatch has continued to serve as a reliable and trusted partner to our clients.”
BioCatch expanded its customer base by over 30% to further cement its global reach and overall leadership in behavioral biometrics. This momentum led to its inclusion in the Inc. 5000 as one of the fastest growing companies in the US, highlighting the increased need for behavioral biometrics solutions to combat fraud in the financial services sector. BioCatch was honored as Overall Leader in the 2021 KuppingerCole Leadership Compass for Fraud Reduction Platforms and spotlighted for its innovation and product leadership.
BioCatch also demonstrated thought leadership in the industry by conducting and publishing the 2021 Fraud Transformation Survey: Detecting and Preventing Emerging Schemes, fueled in part by the global pandemic. The report polled executives at more than 175 financial institutions globally on both the financial and non-financial impacts of fraud over the past year. In addition, BioCatch launched Digital Tells: a podcast on cybercrime and financial fraud and how behavioral biometrics roots out cybercriminals.
Mazor added, “In the evolving fraud prevention space, BioCatch leads in innovation through our behavioral biometrics platform, and we continue to demonstrate global leadership, cutting-edge technology and a clear understanding of the challenges that the world’s largest financial institutions face. At BioCatch, our valued partnership with our outstanding clients drives us to work relentlessly to provide best in-class fraud protection, giving banks the peace of mind to focus on their business and customers.”
BioCatch’s behavioral biometrics technology protects the world’s largest financial institutions, their clients and their clients’ assets from online banking fraud and other types of criminal activity, including account opening fraud, account takeover, money mules and sophisticated social engineering scams. Unlike traditional digital 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.
BioCatch is the leader in Behavioral Biometrics which analyzes an online user’s physical and cognitive digital behavior to protect individuals and their assets. Our mission is to unlock the power of behavior and deliver actionable insights to create a digital world where identity, trust and ease seamlessly co-exist. Leading financial institutions around the globe use BioCatch to more effectively fight fraud, drive digital transformation and accelerate business growth. With over a decade of analyzing data, over 60 patents and unparalleled experience, BioCatch continues to innovate to solve tomorrow’s problems. For more information, please visit www.biocatch.com
Brendan Terry, Lansons