The agreement is expected to raise the company's worth to a significant $1.3 billion.

In a secondary deal, Permira acquires shares principally from Bain Capital Tech Opportunities and Maverick Ventures as part of the purchase. Notably, current investors Sapphire Ventures and Macquarie Capital will boost their holdings in BioCatch in addition to Permira's investment.

With its groundbreaking work in using behavioral biometric intelligence to identify fraud and money laundering, BioCatch stands out in the FinTech scene. This novel method distinguishes between authentic users and unauthorized users who have gained unauthorized access to accounts using sophisticated machine learning algorithms. By analyzing retail banking clients' digital activity patterns and cognitive coaching, BioCatch's technology greatly improves financial transaction security without sacrificing privacy.

The additional funding will mostly go toward advancing BioCatch's product roadmap, growth, and worldwide expansion. BioCatch is gaining traction despite the increasing sophistication of fraud attempts. In 2023, the company had a 49% rise in ARR, crossing the $100 million ARR milestone and achieving EBITDA profitability.

By extending its predictive behavior-based tools for identifying mule accounts and so stopping more significant financial crimes before they happen, BioCatch hopes to enhance its purpose in fighting financial crimes through this deal.

"Permira has supported cybersecurity for a number of years, and within this, the markets for online fraud detection, customer identification, and access control have emerged as key areas of interest. After following BioCatch enthusiastically for a number of years and becoming shareholders in the company in early 2023, our confidence in the company's development potential, technological leadership, and management team keeps increasing. As we want to further accelerate development and expansion in the years to come, we're thrilled to become the company's majority stakeholder and look forward to a fruitful working relationship with Gadi and the BioCatch team,” Permira Growth Opportunities Partner and Co-Head Stefan Dziarski stated.

It gives us great pleasure to welcome Permira as majority shareholders after we have developed a solid collaboration with them over the last year. Since their first investment, the company's vast experience in technology and cybersecurity, together with their size, extensive worldwide network, and our close collaboration, have been extremely beneficial. We can't wait to work together to advance BioCatch. In addition, BioCatch CEO Gadi Mazor expressed gratitude to Matthew Kinsella of Maverick Ventures and Dewey Awad of Bain Capital Tech Opportunities for their assistance over the last four years, which was crucial in establishing the company's leadership position in the industry.

Early in 2023, Permira began its journey as a stakeholder by making a minority investment in BioCatch. This concluded in their acquisition of a controlling stake.