Incognia raises $31m in Series B to advance fraud prevention and digital identity solutions

Incognia, a pioneering force in location identity solutions, has announced the successful closure of a $31 million Series B funding round, led by the esteemed Bessemer Venture Partners. The round saw contributions from FJ Labs, alongside continued investment from existing stakeholders such as Point72 Ventures, Prosus, and Valor Capital. This fresh injection of capital is earmarked for the advancement of Incognia’s state-of-the-art digital identity signals and the expansion of its operational footprint across North America, Europe, and the EMEA region. Furthermore, the funding will facilitate Incognia’s foray into new market verticals, notably the consumer internet, financial services, and eCommerce sectors.

At the heart of Incognia’s mission is the development of innovative digital identity solutions designed to tackle complex identity challenges head-on. André Ferraz, co-founder and CEO of Incognia, emphasized the significance of Bessemer’s backing, noting the venture capital firm’s deep roots in the fraud prevention industry. Bessemer’s portfolio includes transformative SaaS solutions from industry giants such as Twilio, Shopify, Toast, and Auth0, positioning Incognia among the ranks of tech trailblazers.

Since its last funding round in June 2022, Incognia has witnessed exponential growth, tripling its revenue, achieving a 200% net revenue retention rate, and successfully converting all trials. The company boasts a remarkable sixfold return on investment for its clients, translating into substantial financial savings per contract.

Charles Birnbaum, a partner at Bessemer Venture Partners, lauded Incognia for its cutting-edge technology that combines precise location awareness with advanced device fingerprinting to create unparalleled fraud prevention signals. This unique blend of technologies places Incognia at the forefront of addressing the increasingly sophisticated tactics employed by fraudsters, further underscored by the global surge in real-time payments and recent advancements in Generative AI.

Incognia’s suite of solutions includes device tamper detection, advanced location spoofing prevention, tamper-proof location verification for user identification, and phishing-resistant, frictionless account security. These features collectively contribute to an 80% reduction in account takeovers, a 51% reduction in fake account creation, and an 84% reduction in new user abandonment, underscoring Incognia’s commitment to enhancing online security with minimal user friction.

With a dedicated global team spread across offices in San Jose, CA; New York, NY; São Paulo, Brazil; and Recife, Brazil, Incognia is well-positioned to empower digital experiences across the gig economy, marketplace, and financial services industries. By blending unparalleled security, privacy, and convenience, Incognia aims to redefine the standards of safe digital interactions.