In San Jose, CA, Incognia, the leading provider of location identity solutions, has announced the closure of a $31MM Series B funding round led by Bessemer Venture Partners. This round also saw participation from FJ Labs and existing investors, including Point72, Prosus, and Valor Capital. The funding will support Incognia’s ongoing development of innovative digital identity signals and its expansion into new regions and industries, such as North America, Europe, EMEA, consumer internet, financial services, and eCommerce.
André Ferraz, the co-founder and CEO of Incognia, commented, “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. 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 technology combines device fingerprinting and precise location intelligence data into a flexible risk signal that can be customized for every stage of the user journey. Since their last funding round 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.
Charles Birnbaum, a partner at Bessemer Venture Partners, pointed out, “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 platform includes advanced features such as device tamper detection with location spoofing prevention, tamper-proof location verification for user identification, and phishing-resistant and frictionless account security. The combination of these features has driven results, including an 80% reduction in account takeovers, a 51% reduction in fake account creation, and an 84% reduction in new user abandonment.
André Ferraz also mentioned, “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.”
Incognia has a dedicated team across four offices worldwide and 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.
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.
The funding round led by Bessemer Venture Partners marks a significant milestone for Incognia and underlines the growing demand for innovative fraud prevention solutions in today’s digital landscape. With this new capital injection, Incognia is poised to further develop its technology and expand its reach in key markets and industry verticals, solidifying its position as a leader in the fraud prevention industry.