Permira exits BioCatch in $2.4bn sale to Visa
Permira has agreed to sell fraud prevention software provider BioCatch to Visa in an all-cash transaction valuing the business at approximately $2.4bn, marking the private equity firm’s fifth strategic exit of 2026.
The transaction brings to a close a three-year investment during which the Permira funds significantly expanded BioCatch’s global footprint and accelerated the company’s product development in behavioural intelligence and AI-powered fraud detection.
Permira initially invested in BioCatch through its Ascent growth strategy in 2023, acquiring a minority stake before increasing its holding to a majority position in 2024. The investment was aimed at supporting international expansion, broadening the company’s product suite and scaling its operations.
During Permira’s ownership, BioCatch nearly tripled its revenue while gross profit increased by more than three times, supported by new client wins, strong customer retention and continued expansion across its global financial institution customer base.
The company also broadened its technology offering with the launch of BioCatch Trust, an inter-bank intelligence-sharing platform designed to combat financial crime, alongside DeviceIQ, its device intelligence solution. It also integrated AI-driven fraud detection capabilities into its Connect 2.0 platform as financial institutions increasingly seek protection against AI-enabled cybercrime.
Today, BioCatch serves more than 350 financial institutions worldwide, analysing over 19 billion digital sessions each month across approximately 1.8 billion devices to help protect more than 760 million consumers from fraud and financial crime.
Stefan Dziarski, Partner and Global Head of Permira Ascent, said the investment demonstrated the strategy’s focus on backing product-led, mid-market technology businesses with strong strategic value. He added that BioCatch had strengthened its technology leadership and significantly expanded its global reach during the partnership.
The sale continues an active period of exits for Permira, which said it has returned approximately $16.6 billion to investors over the past 12 months through a combination of strategic sales and other realisations.
The acquisition also highlights continued M&A activity in the cybersecurity and financial technology sectors, where strategic buyers are seeking AI-enabled platforms capable of addressing increasingly sophisticated fraud threats.
The transaction remains subject to customary regulatory approvals and closing conditions.