Incognia, a US-based provider of mobile authentication to banks and fintech firms, has raised $15.5m in its Series A funding round led by Point72 Ventures.
The firm intends to use the proceeds for global expansion to counter identity fraud losses.
Incognia creates a privacy-first location identity, which is unique to each customer, by using location signals and motion sensors on the device.
In 2021, 45 million adults in the US were affected by identity fraud, which led to losses of $52bn, Incognia said citing Javelin Strategy and Research.
To tackle the rising cases of social engineering fraud attacks, the firm works in the background on mobile devices.
It uses anonymised location behaviour to create a new form of digital identity to provide maximum security, Incognia added.
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By GlobalDataPoint72 Ventures partner Adam Carson said: “As mobile apps take over the world, reducing fraud and improving customer authentication experiences should be the top priority for all major fintech companies and any mobile-first businesses that deal with money.
“We believe Incognia is at the forefront of mobile identity and authentication, and any mobile app that touches money has the potential to benefit from their solutions.”
Incognia founder and CEO André Ferraz said: “Incognia is pushing the frontier of identity assurance and authentication to deliver increased security with minimal user friction.”
“We are emerging as the global location identity leader, effectively combating the increasing fraud on mobile around the world.”
