Israeli fraud prevention firm Forter on Tuesday announced a $ 300 million Series F financing led by Tiger Global Management, with participation from Third Point Ventures and Adage Capital Management. Existing investors Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners also participated in the investment cycle.
Founded in 2013 by Israeli entrepreneurs Liron Damri, Alan Shemesh and Michael Reitblat, Forter has developed an automated, identity-based fraud prevention platform for e-commerce that detects fraudulent activity in real time, across all online consumer experiences. The company works with clients such as Farfetch, ASOS, Shein, and Prime Trust, and recently partnered with U.S. banking holding Capital One to launch Trusted authorization, a solution that enables merchants to increase authorization rates and reduce false denials by sharing Forter fraud information with issuing banks for more informed decisions.
The new funding comes just six months after Forter completed a $ 125 million Series E round, ending a huge year in which the company doubled its turnover and its team. With the current cycle, Forter has nearly tripled its valuation to $ 3 billion to become the most valuable private company in the industry.
“We have set a new standard of trust in commerce,” said Reitblat, who serves as CEO. “The Forter platform brings together merchants, banks, and payment providers to dramatically improve authorization rates, eliminate false denials, and empower consumers to shop more conveniently and enjoy a better experience. personalized and secure. ”
“This turns fraud prevention into an engine of growth and revenue generation for the entire consortium of participating merchants, ensuring our customers attract, convert and retain the best buyers,” he said. he adds.
Reitblat also said the new funding will be used to invest in “talent, technology and continued global expansion”.
“With the unprecedented rate of digital transformation and fierce competition to create the smoothest user experience, superior fraud prevention is playing an increasingly critical role in e-commerce revenue growth,” said John Curtius, partner at Tiger Global Management. “After talking to dozens of customers about every relevant solution in this space, it was very clear to us that Forter is the clear leader in terms of performance and scale.”