Visa has signed a definitive agreement to acquire BioCatch, a leading provider of behavioral-first, multi-signal fraud intelligence, from global private equity firm Permira and other shareholders. The all-cash transaction is valued at $2.4 billion.

The acquisition is designed to complement Visa's existing cyber, fraud, risk, and security solutions, enabling clients to better protect themselves and their customers from account takeovers, scams, money mules, and application fraud. The deal underscores a broader trend in the payments industry, where networks and financial technology companies are increasingly acquiring specialized fraud prevention and identity verification firms to build end-to-end security platforms that protect the entire customer lifecycle.

Founded as a pioneer in behavioral biometrics, BioCatch has developed AI and machine learning-based solutions that analyze thousands of application, behavioral, device, and network signals — including keystrokes, touch gestures, and device handling — to detect fraud and distinguish legitimate users from fraudsters in real time. Unlike traditional authentication methods such as one-time passwords or security questions, behavioral biometrics operates passively in the background, continuously verifying identity without adding friction to the user experience. The company currently protects 1.8 billion devices and 760 million users worldwide, serving more than 350 banking clients across 21 countries, including over 100 of the world's largest banks.

"Account takeovers and scams cost the global economy over $1 trillion annually and AI is enabling these attacks at unprecedented scale," said Andrew Torre, president of value-added services at Visa. "BioCatch will help our clients stop fraud before it reaches the point of payment. This acquisition is part of our strategy to help clients prevent cyber threats upstream, building trust into every transaction."

AI, biometrics, authentication, identity, cyber defense, and fraud prevention are increasingly interconnected. Visa is investing to stay ahead of evolving threats, both to protect its own network and to help clients do the same. These efforts include the Visa Vulnerability Agentic Harness, an open-source AI security tool designed to help clients identify and remediate vulnerabilities at scale. The BioCatch acquisition builds on Visa's existing suite of AI-powered solutions for detecting and preventing fraud, cybercrime, and financial crime across the entire customer journey — from account opening through transaction processing.

Over the past five years, Visa has invested more than $13 billion in technology and infrastructure to safeguard the integrity of the payments ecosystem and accelerate the decline in fraud rates.

"Real-time insights into customer intent continue to grow increasingly essential for institutions to establish trust within digital banking sessions," said Gadi Mazor, CEO of BioCatch. "For more than a decade, we've demonstrated behavior's unique ability to distinguish the criminal from the legitimate. In the last couple of years, we've shown how real-time intelligence-sharing networks between our customers can amplify the power of our behavioral intelligence further still. Together with Visa, we're even better positioned to advance our mission of making the world a safer place to transact and protect consumers from financial crime."

The transaction remains subject to customary closing conditions, including receipt of applicable regulatory approvals. It is expected to close by the end of Visa's fiscal second quarter of 2027, at which point it will provide benefits to financial institution clients, consumers, and the broader payments industry.