Achieves record first-half new sales results and highest NPS score in company history
TEL AVIV, Israel and NEW YORK, Sept. 6, 2023/PRNewswire/ -- BioCatch, the global leader in digital fraud and money laundering detection and response powered by biometric behavioral intelligence, announced today that it increased its annual recurring revenue by 45% during the second quarter of 2022 and added 19 new customers in the quarter ended June 30, 2023.
Accelerated growth is driven by rapid adoption of BioCatch Connect™ in the Latin America region as that market continues to invest in digital transformation, the need for mid-market retail banks to deliver frictionless digital banking experiences that match expectations of customers established by their global counterparts, and the dramatic rise in mobile banking fraud around the world.
Key milestones in the quarter ended June 30, 2023 included the acquisition of its first telecommunications customer, a top three global provider, and the addition of a top five Australian bank. Eight of Australia's top ten banks now rely on BioCatch for advanced fraud detection powered by behavioral biometric intelligence. As of June 30, 2023, BioCatch processes more than 7 billion user sessions per month, as its technology rapidly scales to meet increased customer demand. To support its growing new customer base, BioCatch added 18 new employees in the second quarter of 2023, bringing the total headcount to more than 275.
In addition, recent results from BioCatch's 2023 annual customer survey revealed a customer satisfaction and loyalty score of 71, the highest ever received and considered best-in-class across all industries. This year's survey included a significantly larger customer base than in 2022 and the average Net Promoter Score per company grew to eclipse 80. In particular, customers appreciated and recognized BioCatch's technical, account management and threat services above and beyond. 4.6 on a scale of 1 to 5. Eighty percent of customers rated the BioCatch implementation as above average and exceptional, citing continuous improvement and increased fraud capture as their key return on revenue metric. the investment.
"We are honored that our clients recognize our value and our partnership in their fight to defeat fraud and transform their risk operations to support frictionless digital banking. Obviously, revenue growth is the goal of every business organization; however, customer satisfaction and their appreciation for what we do and how we participate in the community is also very special and motivates us to continually improve," said Gadi Mazor, CEO of BioCatch.
About BioCatch
BioCatch is at the forefront of digital fraud detection and is a pioneer in behavioral biometric intelligence based on advanced cognitive science and machine learning. BioCatch analyzes thousands of digital user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 25 of the world's 100 leading banks and more than 100 of the 500 largest banks rely on BioCatch solutions to combat fraud, facilitate digital transformation, and grow customer relationships. The BioCatch Customer Innovation Board, an industry-led initiative that includes 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 over a decade of data analysis, over 80 registered patents, and unmatched experience, BioCatch continues to lead innovation to address future challenges. For more information, visit www.biocatch.com.
Media Contact: Jay JonesJay.jones@biocatch.com 404.668.0218
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