Highlights:

  • Incognia’s technology encompasses device tamper detection and advanced location spoofing prevention, offering tamper-proof location verification for user identification and bolstering account security against phishing attempts.
  • The latest funding round marks Incognia’s second venture capital raise, following a previous round of USD 15.5 million led by Point72 in June 2022. The company’s total raised capital now amounts to USD 46.5 million.

Incognia, a startup specializing in digital identity solutions, recently disclosed raising USD 31 million in fresh funding. This capital will bolster platform development and facilitate expansion into additional verticals, spanning consumer internet, financial services, and e-commerce.

Established in 2014, Incognia provides digital identity solutions to ensure user verification and enhance account security throughout the digital journey. The company’s technology amalgamates device fingerprinting with precise location intelligence data, creating a singular risk signal adaptable to each user journey stage.

Incognia’s technology encompasses device tamper detection and advanced location spoofing prevention, offering tamper-proof location verification for user identification and bolstering account security against phishing attempts. Utilized independently or in tandem, the company asserts that these features yield significant results, including an 80% decrease in account takeovers, a 51% decrease in fraudulent account creation, and an 84% decrease in new user abandonment.

Incognia’s service is tailored to address pivotal fraud and authentication challenges prevalent in industries, including food delivery, ride-hailing, person-to-person marketplaces, and financial services.

Incognia has experienced robust growth, with revenue tripling, achieving a net retention rate of 200%, and converting all trials since June 2022. Key clients encompass Nextdoor Holdings Inc., iFood Technogia Ltda, Wondo Inc., Banco Panamericano S.A., Stone Pagamentos S.A., and Turbi Participações S.A. Incognia operates from offices in San Jose, New York, São Paulo, and Recife, Brazil.

Bessemer Venture Partners L.P. spearheaded the funding round, joined by FJ Labs Inc., Point72 Asset Management LLC, Prosus Ventures BV, and Valor Capital Group S.à r.l. as participating investors.

Bessemer partner Charles Birnbaum said, “Incognia is quickly emerging as a market leader addressing fraud across a variety of customer segments, which is critical in today’s environment as fraudsters become increasingly sophisticated thanks to recent generative AI breakthroughs and the global proliferation of real-time payments.”

Co-founder and CEO of Incognia André Ferraz noted that the funding “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.”

This latest funding round marks Incognia’s second venture capital raise, following a previous round of USD 15.5 million led by Point72 in June 2022. The company’s total raised capital now amounts to USD 46.5 million.