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Customer growth accelerated across all industries, led by fintech, retail/ecommerce, and travel segments
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Strong financial performance and significant company milestones were achieved; demand from global enterprises surged for its fraud prevention and account security platform
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Global fraud detection and prevention market is projected to grow from $26.97 billion in 2021 to $141.75 billion in 2028, with a CAGR of 26.7%
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Analytics firm GlobalData listed the company as a future cybersecurity industry unicorn
-Arkose Labs, the global leader in fraud deterrence and account security, announced full year 2021 performance results and key milestones, including doubling revenue year-over-year. Other achievements during the year included global expansion, strategic hires, product innovations, as well as notable award recognitions. The results reflect enterprises’ intensifying need for the company’s products to combat the pace at which account-focused fraud attacks occur.
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“I’m incredibly proud of the teamwork that occurred in 2021 because the threat landscape veered sharply and aimed squarely at consumer accounts, a trend that is here to stay for all industries”
“I’m incredibly proud of the teamwork that occurred in 2021 because the threat landscape veered sharply and aimed squarely at consumer accounts, a trend that is here to stay for all industries,” said Arkose Labs Founder and CEO Kevin Gosschalk. “Account takeovers, credential stuffing attacks, and new types of account login fraud accelerated throughout the year, and companies responded by selecting our technology, which is purpose-built for these types of attacks.”
Strong Customer Traction
Pent-up demand for long-term deterrence based on a defense-in-depth approach fueled company growth.
Total ARR doubled year-over-year by expanding the company’s existing customer base and landing several new customer deals across diversified segments, including emerging fintech disruptors. The company realized gains in all industry sectors led by 360% growth in the fintech segment and 160% growth in both retail and travel segments.
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Arkose Labs provides support for some of the world’s most recognized brands and platforms, including Digital Ocean, Honey, LinkedIn, Microsoft, PayPal, Pitney Bowes, Roblox, Venmo, and Zilch. It covers industries, including financial services, fintech, gaming, retail, technology and social media, representing more than 1 billion social media users, 60% of online video gamers, and 40% of all retail volume.
Additionally, with GitLab and others in this sector as customers, Arkose Labs helps protect the largest amount of code in existence, ensuring a safer internet overall.
Throughout the year, existing customers added services, as they recognized increased value from company products, and new customers onboarded after successful proof-of-concept trial periods.
Arkose Labs’ growth underscores the need for a platform that customers can rely on for immediate reduction in fraud attacks, especially volumetric attacks from bots that can come up quickly, overloading businesses.
“PayPal’s suite of brands, including Honey and Venmo, is built on the trust of our consumers, and we take all steps to prevent fraud and abuse on an ongoing basis,” said Assaf Keren, VP, Enterprise Cyber Security and Chief Information Security Officer at PayPal. “By collaborating with Arkose Labs, we continue to advance security and vigilance to a new level where merchants and consumers alike have even more confidence their transactions are safe.”
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