E-Commerce Fraud Prevention Firm Forter Secures US$300 Million Fundingby Fintechnews Switzerland May 27, 2021
Forter, a U.S.-based integrated fraud prevention platform for e-commerce, announced that it has raised US$300 million in Series F funding round.
The announcement comes six months after the company completed its US$125 million Series E round, almost tripling the valuation to $3 billion.
The funding round was led by Tiger Global Management, with participation from Third Point Ventures and Adage Capital Management.
Existing investors also participated including Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners.
Forter will use the additional funding to continue expanding its global ecosystem of trust, enabling retailers, e-commerce platforms, issuing banks and payment providers to fight fraud together.
As part of the company’s continued expansion, Forter has more than tripled the number of employees within the APAC region and continues to grow its presence in Australia.
Over the last 12 months, Forter has doubled the size of its global network of merchants to exceed $250 billion in annual online transactions while protecting more than a billion shoppers globally and grown its revenue by more than 100%.
“Forter’s platform brings together merchants, banks and payment providers to dramatically improve authorisation rates, eliminate false declines and allow consumers to shop with greater convenience and enjoy a more personalised, secure experience.
The funding will enable us to accelerate our growth trajectory by investing in talent, technology and continued global expansion.”
said Michael Reitblat, CEO and Co-Founder, Forter.
Featured image credit: Edited from Freepik