Incognia: Strategic Expansion & Focus on Device and Location Data for Fraud Prevention
Incognia has closed a $31M Series B funding round, led by Bessemer Venture Partners. Read on to learn about what sets Incognia apart from our competition in the fraud prevention space, the power of our device fingerprinting + location intelligence approach, the results we've seen since our last funding round in June 2022, and how we'll be putting this new funding to use.
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Today, the Incognia team is announcing that we’ve closed a remarkable $31 million in Series B funding, led by Bessemer Venture Partners.
This new round of funding marks a pivotal moment in our company’s journey. This investment will help us accelerate our innovation in fraud prevention, leveraging cutting-edge digital identity signals.
But what sets Incognia apart in the fraud prevention landscape?
The answer lies in our strategic focus on quality over quantity. Unlike other fraud prevention platforms that get inundated with irrelevant data signals, Incognia zeroes in on the most impactful types: device and location data.
This focused approach aligns perfectly with our company’s vision: Providing safe digital experiences that combine security, privacy, and convenience.
Incognia’s precision is over 17 times higher than other identification methods, like FaceID. This introduces a significant advancement to the market regarding user identification.
The power of Incognia's fraud prevention lies in our unique combination of device fingerprinting and exact location intelligence. By fusing these together, we’ve created a flexible risk signal that’s adaptable to every stage of the user journey. This kind of precise and user-centric fraud prevention signal is filling a significant gap in the market—one that’s been left by existing user identification solutions.
Incognia's technology also includes advanced capabilities like device tamper detection, sophisticated location spoofing prevention, and tamper-proof location verification for user identification.
These features, used individually or in combination, are driving substantial results. Our customers have seen outcomes like an 80% reduction in account takeovers (ATO), a 95% reduction in fake account creation, and an 84% reduction in new user abandonment.
Our solution stands out for its effectiveness and user-friendliness. By accurately recognizing users across devices with zero friction, Incognia helps businesses distinguish between good and bad actors online more effectively. Since our last funding round in June 2022, this approach has not only tripled Incognia's revenue, but has also led to a 200% net revenue retention, converting 100% of trials.
This new Series B funding will enable us to deepen Incognia’s product capabilities and strategically expand to new regions and verticals. Our vision to create a world where digital trust is unseen yet integral to daily life is quickly becoming a reality. This vision is grounded in over a decade of location technology expertise, making Incognia's approach not only novel but highly effective.
As Incognia steps into our next phase of growth, we’re reinforcing our position as an innovator in the digital identity space. With a dedicated team across multiple global offices and an unwavering commitment to fraud prevention, we’re poised to redefine the landscape of digital security and user verification. For businesses seeking to prevent fraud, protect users, and build customer trust, Incognia's focused, data-driven approach presents a powerful solution.
