ID Specialist Incognia Secures US$31m in Series B Funding
Incognia, an innovator in the field of location identity solutions, has announced the closure of a US$31 million Series B funding round led by Bessemer Venture Partners.
Additional participation comes from FJ Labs, as well as existing investors including Point72 Ventures, Prosus and Valor Capital.
The significant financing is set to support Incognia’s continued development of cutting-edge digital identity signals, as well as its expansion across North America and EMEA, and into new verticals including consumer internet, financial services and e-commerce.
“This funding from Bessemer is further recognition of our innovative approach, and their support of Incognia is particularly significant given Bessemer’s expertise in the fraud prevention industry,” comments André Ferraz, Co-Founder and CEO at Incognia.
Harnessing cutting-edge technology
With a dedicated team based in four offices in the US and Brazil, Incognia’s solutions combine device fingerprinting and exact location intelligence data into one flexible risk signal.
This delivers user verification and account security which can be customised for every stage of the digital journey.
Leveraging more than a decade’s worth of expertise in location technology, the company’s novel approach enables frictionless experiences using device intelligence and the most precise location data available.
Incognia enables customisable risk analysis and actionable insights from day one that empower consumer businesses to prevent fraud, protect users and build customer trust.
Incognia’s growth journey continues
Since its last funding round in 2022, the firm has achieved remarkable success, including tripling its revenue, realising 200% net revenue retention and converting 100% of trials.
What’s more, Incognia has delivered six times the ROI to clients, while saving them millions of dollars per contract on average.
"Incognia is quickly emerging as a market leader, addressing fraud across a variety of customer segments,” adds Charles Birnbaum, Partner at Bessemer. “This is critical in today’s environment as fraudsters become increasingly sophisticated thanks to recent Gen AI breakthroughs and the global proliferation of real-time payments.
“After years of development, André and the Incognia team have unlocked the power of highly precise location awareness coupled with best-in-class device fingerprinting to generate fraud prevention signals, unlike any other vendor in the market.
“We've been following the company for some time and are truly impressed by the team’s progress and customer impact, and we look forward to seeing them roll out their fraud prevention solutions globally.”
******
Check out the latest edition of FinTech Magazine and sign up to our global conference series – FinTech LIVE 2024.
******
FinTech Magazine is a BizClik brand.