Forter, an established e-commerce fraud prevention solution provider, has secured $125 million in capital through a Series E investment round.
Forter’s latest round was led by Bessemer Venture Partners, Felix Capital and Itai Tsiddon. Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners and Commerce Ventures also took part in Forter’s round. The company is now valued at more than $1.3 billion.
Forter intends to use the funds raised to establish an ecosystem of “trust” across different e-commerce merchants, banks and payment service providers so that all parties can help prevent fraudulent activities. This should give consumers the trust and convenience they need to shop online via secure platforms.
Forter’s management noted that they will keep expanding their suite of solutions and global data network, which has doubled in size during the past 12 months. The company claims that its platform is now handling around $200 billion in online transactions every year while protecting millions of consumers.
Michael Reitblat, CEO and Co-founder at Forter, stated:
“We set out to create a global coalition of merchants, banks and payment providers that fight fraud together. We continue on our mission to expand the online network of trust and will continue investing in our platform in collaboration with our customers and partners.”
“This year we have doubled our team across eight global offices, doubled our revenue and enjoyed our first cash flow positive quarter. The market traction we have experienced allows us to invest even more into our platform and drive more significant impact for our customers and partners. We will remain an independent company as we continue to grow our footprint across the commerce ecosystem.”
Forter provides a real-time, automated fraud prevention platform. The company’s solutions are used by merchants from many different commerce verticals such as ASOS, Boohoo, Sephora, Hugo Boss and Adobe. Forter’s international network offers a complete view of fraudulent and legitimate customer behaviors, which allows businesses to make accurate fraud-related decisions while offering a seamless customer experience.
During the past year, Forter has been able to improve its products and expand its partner ecosystem in order to protect both merchants and consumers while they conduct e-commerce transactions.
Elliott Robinson, Partner at Bessemer Venture Partners, remarked:
“Companies that can allow global organizations to safely embrace and accelerate their digital transformation and increase the lifetime value of their online consumers are invaluable as e-commerce continues to climb. Forter has turned fraud prevention into a business enabler by uniting the entire digital economy ecosystem to fight fraud together and let people shop safely.”
Forter claims that its clients have seen a 75% reduction (on average) on false positives. They’ve also experienced a 60% reduction in fraud and are able to use the company’s fully automated, real-time decision-making system to improve the overall customer experience.