Behavioural biometrics startup BioCatch has secured a $20m investment from major global banks Barclays, Citi, HSBC and National Australia Bank.
The investment comes just months after BioCatch closed its $145m Series C round, which was backed by Bain Capital Tech Opportunities, Industry Ventures, American Express Ventures, CreditEase, Maverick Ventures, OurCrowd and more.
In tandem with the round close, the company has established the BioCatch Client Innovation Board. The invitation-only innovation board will be a collaborative forum where members will meet regularly to build new tools for the platform.
The four investing banks and American Express Ventures will each be allocated two seats on the board.
One of the key focus areas for the board will be on the development of advanced solutions to combat fraud.
BioCatch uses behavioural biometrics to identify fraudulent attacks. It uses continuous authentication of online sessions to notice outliers in user behaviour and route out false players.
American Express Ventures managing director Dana Eli-Lorch said, “The BioCatch Client Innovation Board is a novel, industry-led initiative focused on online behavior, which is a powerful method to protect banking customers and other internet users from online fraud.
“Particularly as many businesses moved online with the emergence of the COVID-19 pandemic, preventing digital fraud has become more important than ever. We are very excited to join the effort and continue to support BioCatch both as an investor and Client Innovation Board member.”
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