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Re:

Permira Completed Its BioCatch Investment at a $1.3 Billion Valuation

Permira completed its BioCatch majority investment in September 2024 at a $1.3 billion total enterprise valuation. A later Visa deal remains an announced agreement in the cited sources.
From TheFinanceBase Team3 min to read
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Permira completed its majority investment in BioCatch on September 9, 2024. The deal announcement put BioCatch’s total enterprise valuation at $1.3 billion; it did not disclose how much Permira paid for the shares it acquired. In August 2026, Permira and BioCatch announced a separate agreement for Visa to buy the company for approximately $2.4 billion in cash, but the cited announcements do not confirm that Visa’s acquisition has closed.

What was the Permira–BioCatch deal?

On May 2, 2024, Permira Growth Opportunities II agreed to acquire a majority position in BioCatch. Permira described the transaction as a secondary investment: shares were to be bought primarily from Bain Capital Tech Opportunities and Maverick Ventures, while existing investors Sapphire Ventures and Macquarie Capital planned to increase their investments. Permira later said the transaction completed on September 9, 2024, after necessary approvals.

The $1.3 billion figure was the announced total enterprise valuation of BioCatch, according to Permira’s May 2, 2024 announcement. It is not a disclosed purchase price for Permira’s shares. The announcement did not state the exact stake percentage, the amount paid, or the proceeds received by each seller.

What does BioCatch do?

BioCatch sells enterprise software to financial institutions for digital fraud detection and financial-crime prevention. Its platform uses behavioral biometric intelligence and machine learning to analyze patterns in how people interact with digital services. The 2024 announcement says this helps distinguish legitimate users from criminals attempting illicit account opening or account takeover. BioCatch is not presented as a consumer product that individuals can buy for personal use.

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What the companies reported about BioCatch

The following are figures attributed to BioCatch or Permira in their announcements, not independently audited conclusions in the cited materials.

Reported figure Attribution and context
49% ARR growth in 2023 BioCatch/Permira transaction announcement, 2024.
More than $100 million ARR and EBITDA profitability in 2023 BioCatch/Permira transaction announcement, 2024.
More than 190 financial institutions BioCatch/Permira transaction announcement, 2024.
More than $3.5 billion in bank and customer losses prevented “to date” BioCatch/Permira transaction announcement, 2024; the cited passage does not specify a start date.
More than 200 financial institutions and more than 400 million banking customers protected Permira completion announcement, 2024.
Estimated $4.72 billion in fraud prevented since 2018 Permira completion announcement, 2024; the figure is expressly an estimate.
43% ARR growth year over year in the first half of 2024 Permira completion announcement, 2024.

These reported measures use different periods and descriptions, so they should not be treated as a single independently verified performance series. The parties said Permira’s investment would support growth, product development, and expansion; those statements describe their rationale, not proof that the investment caused subsequent results.

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Did Permira complete the acquisition?

Yes. Permira announced completion on September 9, 2024, following necessary approvals. Its completion announcement described BioCatch as serving more than 200 financial institutions and protecting more than 400 million banking customers at that time.

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Has Visa completed its acquisition of BioCatch?

The latest cited announcements establish an agreement, not a completed acquisition. On August 3, 2026, Permira said it had agreed to sell BioCatch to Visa in an all-cash transaction valuing the company at approximately $2.4 billion; BioCatch also announced a definitive acquisition agreement. Neither announcement cited here confirms closing.

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Permira investment Visa agreement
Status Completed September 9, 2024, according to Permira. Definitive agreement announced August 3, 2026; completion is not confirmed in the cited sources.
Buyer Permira Growth Opportunities II. Visa.
Announced value $1.3 billion total enterprise valuation, as stated by Permira in 2024. Approximately $2.4 billion in cash transaction value, as announced by Permira and BioCatch in 2026.
Stated context Growth investment and majority position. Strategic acquisition agreement.

The figures describe different transactions and are not directly interchangeable measures of the purchase price paid for BioCatch. The 2024 announcement gives an enterprise valuation, while the 2026 announcements describe an all-cash transaction value.

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