Incognia, a startup specializing in biometrics, secures $31 million in funding for the development of anti-fraud solutions.

Biometrics startup Incognia has secured $31 million in funding to enhance its location identity solutions. The funds will support the company's expansion into North America, Europe, Africa, and the Middle East, with a focus on consumer internet, financial services, and eCommerce. Bessemer Venture Partners led the funding round, expressing confidence in Incognia's role as a market leader against fraud. Incognia's technology combines device fingerprinting and precise location data to create a versatile risk signal customizable for various user journey stages. The company offers features such as device tamper detection, location verification, and phishing-resistant account security, resulting in significant reductions in account takeovers, fake account creation, and new user abandonment. This funding round follows a notable increase in fraud losses across financial institutions in 2023. Incognia had previously raised $15 million in its 2022 funding round, and the current investment reflects the growing demand for robust fraud prevention solutions amid rising cybersecurity threats in various industries.