Forter has doubled its revenue in the last 12 months, raising $300 million for a $3 billion valuation.
eCommerce fraud prevention company Forter has announced it's raised $300 million in Series F funding 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.
The announcement comes six months after the company completed its $125 million Series E round, almost tripling the valuation to $3 billion. This makes Forter the most valuable privately held company in the fraud prevention industry.
Forter says it will use the additional funding to continue expanding its global ecosystem of trust enabling retailers, eCommerce platforms, issuing banks, and payment providers. It says the goal is to fight fraud together, boosting confidence, and improving the shopper experience across the entire purchasing journey.
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.
- Grown revenue by more than 100%.
- More than tripled the number of employees within the APAC region and continues to grow its presence in Australia.
- Added leading global brands as customers including Farfetch, ASOS, SHEIN, and Prime Trust.
“We have set a new standard for trust in commerce,” says Forter's CEO and co-founder, Michael Reitblat.
“Forter's platform brings together merchants, banks, and payment providers to improve authorisation rates, eliminate false declines, and allow consumers to shop with greater convenience and enjoy a more personalised, secure experience.
“This transforms fraud prevention into a growth and revenue enablement engine for the entire consortium of participating merchants, ensuring our customers can attract, convert and retain the best shoppers. The funding will enable us to accelerate our growth trajectory by investing in talent, technology, and continued global expansion,” he says.
Priceline's CFO, Matthew Tynan, says Forter has allowed his company to focus on serving its customers and take advantage of the encouraging travel recovery in the United States.
“The company's automated, real-time solution has significantly increased approval rates while substantially reducing chargebacks, allowing us to attract and retain the best customers across all retail channels, without the fear of fraud,” he says.
While Forter says it has benefited greatly from the industry trend towards a digital transformation resulting from the pandemic effects, its unprecedented growth has also been driven by product innovation and new partnerships with leaders across banking, payments and eCommerce.
Earlier this year, Forter partnered with Capital One to launch Trusted Authorisation, one of the first solutions enabling merchants to increase authorisation rates and decrease false declines. It also launched its Fraud Prevention Platform for Payment Service Providers, announcing deals with FreedomPay, Nuvei, and most recently Flutterwave, to increase approval rates and offer fraud prevention to more than a million merchants globally.