• All-cash transaction values BioCatch at $2.4bn
• During the Permira Funds’ investment, BioCatch revenues and gross profit increased by approximately 3x
• Transaction marks fifth strategic exit of 2026 for the Permira Funds and continues record period of realisations, with $16.6bn distributed to investors over last 12 months
NEW YORK / TEL AVIV / LONDON – July 15 2026 – Permira, the global investment firm, today announced the full realisation of the Permira Funds’ investment in BioCatch (the “Company”), a leading provider of behavioral-first, multi-signal fraud intelligence, through a sale to Visa (NYSE: V). The all-cash transaction values BioCatch at approximately $2.4 billion and marks the Permira Funds’ fifth strategic exit of 2026 to date.
The Permira Funds first invested in BioCatch in early 2023, acquiring a minority position through Permira’s Ascent strategy, which backs mid-market growth companies across Permira’s core sectors. The Permira Funds then acquired a majority stake in the Company in 2024 to further support BioCatch’s global expansion, advance its innovative product roadmap and support its continued growth.
During the Permira Funds’ ownership, BioCatch strengthened its position as a global leader in behavioral intelligence and fraud detection, expanding its customer base among many of the world's largest financial institutions and extending its capabilities into proactive fraud detection, including behavior-based mule account detection. The Company launched BioCatch Trust, a real-time inter-bank financial crime intelligence-sharing initiative, introduced its device identification and intelligence product DeviceIQ, and embedded AI detection capabilities into its next-generation Connect 2.0 platform to counter increasingly AI-enabled fraud. BioCatch nearly tripled revenue, while gross profit increased more than threefold, driven by new customer wins, strong customer retention and expansion across a customer base of more than 350 financial institutions worldwide. By July 2026, BioCatch was analyzing more than 19 billion digital sessions each month across 1.8 billion devices, helping protect more than 760 million consumers worldwide from fraud and financial crime.
Stefan Dziarski, Partner and Global Head of Permira Ascent, said: “When we first invested in BioCatch in 2023, we saw a compelling business with a key solution addressing one of the most structurally important challenges in financial services – protecting consumers and institutions from increasingly sophisticated fraud and financial crime, in particular in the world of AI. Over the course of our partnership, Gadi and the team have continued to grow the business at scale, deepen its technology leadership and extend its reach to financial institutions around the world. This transaction is further validation of Permira’s Ascent strategy, which backs market-leading and product-led mid-market growth companies that are attractive to strategic buyers. We are proud of our partnership and wish Gadi, the team and Visa every success in the next chapter. This exit is already the second strategic exit for Permira Ascent in 2026.”
Ran Maidan, Senior Adviser and Head of Permira in Israel, said: "Over the last three years, we've backed Gadi and the team through a period of exceptional growth – revenue and gross profit both grew roughly threefold, and BioCatch scaled to protect more than 760 million consumers worldwide. This exit reflects the strength of our platform's ability to identify and scale product-led businesses over the long term. We're proud of the outcome for BioCatch, and for Permira.”
Gadi Mazor, CEO of BioCatch, commented: “Permira has been an outstanding partner throughout a transformational period for our business. Its deep expertise in technology, AI and cybersecurity, combined with its global network and resources, has been invaluable as we’ve scaled product development and advanced our mission to fight fraud and financial crime. We are grateful for their partnership and excited about what lies ahead with a world-class strategic organisation in Visa.”
The transaction is subject to customary regulatory approvals and conditions.
