Visa: BioCatch acquisition and the networks‘ deeper push into cybersecurity; our thoughts

Research evidence excerpt

Visa: BioCatch acquisition and the networks‘ deeper push into cybersecurity; our thoughts

3 August 2026

Payments, Processors & IT Services

Visa: BioCatch acquisition and the networks' deeper push into

cybersecurity; our thoughts

Visa announced this morning that it has signed a definitive agreement to acquire BioCatch, a Harshita Rawat, CFA

+1 917 344 8485 leading provider of behavioral-first, multi-signal fraud intelligence solutions, for $2.4 billion

harshita.rawat@bernsteinsg.com in cash. The deal is expected to close by the end of Visa's fiscal 2Q27. Last reported figures

(link) suggested $185M ARR for BioCatch by end of 2025 - suggesting 13x multiple on

Viola Chen 2025 revenues.

+1 917 344 8614

viola.chen@bernsteinsg.com

Founded in 2011, BioCatch uses AI, machine learning, and behavioral biometrics (including

Simran Ratani keystrokes, touch patterns, and device interactions) to distinguish legitimate users from

+1 917 344 8329 fraudsters in real time. Current cap table includes Permira (majority shareholder), Bain

simran.ratani@bernsteinsg.com Capital (led Series C $145M round with American Express Ventures, CreditEase, Maverick

Ventures, OurCrowd), Citi Ventures, Barclays, HSBC, Sapphire Ventures, etc. The existing

reach is impressive - BioCatch currently protects 1.8 billion devices and 760 million

users globally, serving more than 350 banking clients across 21 countries, including

over 100 of the world's largest banks. Three of the four largest banks in the US now use

BioCatch solutions.

The acquisition will strengthen Visa's existing risk and security solutions portfolio (17%

of VAS in FY24; likely growing > 20% yoy), enhancing its ability to detect and prevent

financial crime across the customer lifecycle, from account opening through transaction