BioCatch, the global behavioural biometric intelligence and cutting-edge fraud prevention tech firm, has established Australian headquarters. The firm reinforces its dominant position in the global market as it expands operations across APAC with offices in Australia and Singapore.
BioCatch’s fraud protection platform is built on behavioural biometrics intelligence and detects financial fraud by identifying abnormalities in the data caused by changes to normal human behaviour that are strong indicators of fraud. BioCatch pioneered the tech in 2011. The tech allows it to analyse over five billion digital sessions per month and partner with over 100 of the world’s leading banks to reduce the impact of fraud and identify theft on a global scale.
What is the market reach of BioCatch?
This comes as the company shared highlights from 2022 including, their solutions protecting over a quarter billion people globally and detecting $1.5bn of fraud through their behavioural insights. Today, 4 of the 5 major Aussie banks use BioCatch solutions to protect their clients.
First partnering with banks in the region in 2018, the firm’s rapid growth and expanding global footprint reflect the speed at which Australian financial institutions are adopting modern tech to defend businesses and clients against fraud. Business growth in Australia is contributing significantly to BioCatch’s strong APAC momentum of 335% ARR growth in 2021.
In 2022 the company grew further across the greater APAC region by securing foundational accounts in India and through a multinational partnership with GBG. BioCatch works with a robust client portfolio across the ANZ region including, customer, investor and client innovation board member, NAB, and Indue, an end-to-end payment solution provider with an extensive network of financial institutions, retailers, and non-profits across the region.
In line with the increasing prevalence of financial fraud in APAC, BioCatch expects to be a launching pad for greater APAC initiatives, as the firm invests in the region to help financial institutions understand the fraud landscape and arm them with actionable intelligence.
In response to market demand, BioCatch rapidly expanded its Asia-Pacific team in 2022, and is now the largest team of behavioural biometric experts in the region. The local presence, coupled with BioCatch’s global expertise in mitigating fraud and cybersecurity threats, enables BioCatch to continue robust support of Australia and New Zealand’s financial institutions in the fight against fraud, empowering them with top capabilities to better protect consumers.
Led by Richard Booth, Head of APAC Market at BioCatch, the team grew by 20% last year and is responsible for accelerating expansion seeing 118% 3-year CAGR across the APAC.
What does the expansion mean for BioCatch?
Richard Booth, Head of APAC Market at BioCatch, commented: “Australia and New Zealand are priority markets for BioCatch. The continued demand for our proprietary behavioural biometric intelligence solutions reaffirms the impact that BioCatch’s technology-first approach plays in the fast-moving digital transformation of the region’s financial landscape.”
“Our investment shows our long-term commitment to helping APAC’s financial institutions tackle evolving fraud challenges and will enable them to securely capitalise on digital growth opportunities in an ecosystem where identity, trust, and ease seamlessly co-exist.”
Commenting on the expansion, Mike Keating, Chief Revenue Officer, BioCatch said: “Our operations in Australia and the greater Asia-Pacific region have delivered consistent growth in recent years, in part thanks to the region’s continued digitalisation of banking services.”
“Our established Australian presence is a strategically important addition to BioCatch’s global presence spanning 16 countries and over 250 team members. We are positioned to continue our explosive growth momentum, reaffirming our mission to build a trusted digital world.”
Research from the Australia Banking Association confirms a sustained shift towards digital banking among Australian consumers, with more than 80 percent of consumers preferring to conduct banking online. A study by FinTechNZ also pointed to New Zealand’s fast-growing fintech sector, illustrating a similar shift towards the digitalising of in-country banking.
These trends have the potential to elevate digital fraud challenges, raising the need for effective fraud management solutions like BioCatch’s behavioural biometric intelligence.
