Incognia Secures $31MM to Meet Demand for Proactive Approach to Fraud Prevention

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Jan 31, 2024, 10:00 ET

Leader in location identity focuses on global expansion with Series B financing led by Bessemer Venture Partners

SAN JOSE, Calif., Jan. 31, 2024 /PRNewswire/ -- Today, Incognia, the innovator in location identity solutions, is announcing it has closed $31MM in Series B funding led by Bessemer Venture Partners, with participation from FJ Labs and existing investors, including Point72 Ventures, Prosus, and Valor Capital. The financing will support Incognia's continued development of cutting-edge digital identity signals, along with the company's presence in North America, Europe, and EMEA, as well as its expansion into new verticals, including consumer internet, financial services, and eCommerce.

"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," said André Ferraz, co-founder and CEO of Incognia. "Bessemer has a strong track record of supporting game-changing SaaS solutions from companies like Twilio, Shopify, Toast, and Auth0, and we're thrilled to be listed among these trailblazers in tech. This financing will allow us to deepen our product capabilities to stay at the forefront of fraud prevention and meet the growing market demand for a transparent solution capable of solving complex identity challenges."

Incognia's cutting-edge technology combines device fingerprinting and exact location intelligence data into one flexible risk signal that can be customized for every stage of the user journey. Since Incognia's last funding in June 2022, the company has achieved remarkable success, including tripling revenue, realizing 200% net revenue retention, and converting 100% of trials. Incognia has delivered six times the return on investment to its 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, which is critical in today's environment as fraudsters become increasingly sophisticated thanks to recent GenAI breakthroughs and the global proliferation of real-time payments," said Charles Birnbaum, partner at Bessemer Venture Partners. "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."

Incognia's technology includes device tamper detection with advanced location spoofing prevention, tamper-proof location verification for user identification, and phishing-resistant and frictionless account security. Used individually or in combination, these features drive results, including an 80% reduction in account takeovers, a 51% reduction in fake account creation, and an 84% reduction in new user abandonment.

"While distinguishing between good and bad actors online will always be a challenge, we are focused on helping companies better address it with an identity signal that accurately recognizes users across devices with zero friction," added Ferraz.

Incognia has a dedicated team across four offices worldwide, including San Jose, CA; New York, NY; São Paulo, Brazil; and Recife, Brazil. The company empowers safe digital experiences for global consumer internet companies in the gig economy, marketplace, and financial services industries by combining unparalleled security, privacy, and convenience. For more information, visit https://www.incognia.com.

About Incognia
Incognia is the innovator in location identity solutions that deliver cutting-edge user verification and account security across the digital journey. Leveraging over a decade of expertise in location technology, Incognia's novel approach enables frictionless experiences using device intelligence and the most precise location data available. Incognia enables customizable risk analysis and actionable insights from day one that empower consumer businesses to prevent fraud, protect users and build customer trust. For more information, visit https://www.incognia.com/.

SOURCE Incognia