Forter Raises $125M Series E; Rapid Growth and Market Demand for Real-Time Fraud Prevention Platform Elevates Valuation to More than $1.3B
Forter to Continue Expansion of Global Coalition of Merchants, Banks and Payment Providers Against Online Fraud
NEW YORK--(Business Wire / Korea Newswire) November 20, 2020 -- Forter, the leader in e-commerce fraud prevention, today announced it has raised $125 million in Series E funding. Led by Bessemer Venture Partners, Felix Capital and Itai Tsiddon, with participation from Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners and Commerce Ventures, the round propels Forter’s valuation to over $1.3 billion.
The funding will allow Forter to accelerate its vision of establishing an ecosystem of trust across online merchants, banks and payment providers to block fraud and give consumers the trust and convenience to shop freely. The company will continue to expand its suite of solutions and global data network, which has doubled in size over the last 12 months to exceed $200 billion in annual online transactions protecting over 800 million shoppers.
“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,” said Michael Reitblat, CEO and Co-founder, Forter. “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’s real-time, fully automated fraud prevention platform is trusted by numerous top merchants from all commerce verticals including Sephora, OnePlus, Suning, ASOS, Hugo Boss and Adobe. The company’s global network provides a comprehensive view of both fraudulent and legitimate customer behaviors, allowing incredibly accurate fraud decisions with enhanced customer experience.
Over the past year, Forter has driven product innovation and extended its partner ecosystem to protect merchants and consumers across the entire e-commerce experience, including:
· Loyalty Program Fraud Protection that secures against account takeover (ATO), new account fraud, transactional fraud and policy abuse; Returns Abuse Protection to identify and stop returns abusers; and Smart Routing, which provides automated payment routing decisions to eliminate false declines and reduce lost revenue by 50%.
· Fraud Prevention Platform for Payment Service Providers (PSPs), enabling PSPs including FreedomPay, FIS Worldpay, Global Payments and Checkout.com to provide the best fraud prevention to their merchants.
· Partnerships and integrations with leaders in the broader e-commerce ecosystem including Mastercard, SAP, Salesforce and Adobe to increase approval rates and eliminate fraud throughout the entire consumer journey.
“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,” said Elliott Robinson, a partner at Bessemer Venture Partners. “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.”
The impact customers experience with Forter includes:
· 75% reduction in false positives
· 60% reduction in fraud
· Fully automated, real-time decisions across the entire consumer journey
“Working with Forter has changed our approach to fraud management, drastically improving our approval rate, and helping build greater trust in our fraud capabilities,” said Kristina Blahnik, CEO, Manolo Blahnik. “We can now provide a more positive, seamless experience for our clients as well as strengthening our e-commerce; priorities which are paramount for Manolo Blahnik.”
Forter is the leader in e-commerce fraud prevention, processing over $200 billion in online commerce transactions and protecting over 800 million consumers globally from credit card fraud, account takeover, identity theft, and more. The company’s identity-based fraud prevention solution detects fraudulent activity in real-time, throughout all online consumer experiences.
Forter’s integrated fraud prevention platform is powered by its rapidly growing Global Data Network, underpinned by predictive fraud research and modelling, and the ability for customers to tailor the platform for their specific needs. As a result, Forter is trusted by Fortune 500 companies to deliver exceptional accuracy, a smoother user experience, and elevated sales at a much lower cost. Forter was recently named the Leader in e-Commerce Fraud Prevention by Frost & Sullivan.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201119006187/en/
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