The Brazilian mobile authentication startup Incognia announced it raised a $15.5M Series A round, which was led by Point72 Ventures.
Incognia developed an authentication technology which, according to the company, is 17 times more accurate than FaceID. This means that Incognia’s error rates are less than 1 in 17 million validations. Its mobile location technology collects GPS, Wi-FI, cellular and Bluetooth data through a mobile SDK, and uses mobile motion sensors to provide location fingerprints and unique location behaviors for each user. All this data is encrypted and Incognia does not collect personal information of the person using it.
Identity frauds and scams have significantly increased as well as the demand for solutions. The startup’s tool is especially useful for banks and fintechs, as it allows them to identify locations in which a final consumer regularly makes transactions. This type of information can help strengthen or launch new security mechanisms that can easily track down inconsistencies.
Adam Carson, partner at Point72 Ventures, points out why the fund was interested in the startup:
“Identity assurance on mobile is of the utmost importance in protecting user accounts against increasing fraud. As mobile apps take over the world, reducing fraud and improving customer authentication experiences should be the top priority for all major fintech companies and any mobile-first businesses that deal with money. We believe Incognia is at the forefront of mobile identity and authentication.”
The startup was founded in Brazil in 2014 and in 2021 it announced a rebranding by which they began to focus on mobile authentication solutions. Today, Incognia reaches 200 million users in 20 countries.