Online payments antifraud startup Forter has pulled in another $15 million in funding that it will use to open offices in the U.S. and expand its offerings to larger customers, the Wall Street Journal reported.
Current merchant customers of the Tel Aviv-based company’s automated fraud decision engine typically process up to $50 million in sales per year. The plan is to bring in retailers processing $500 million or more in annual sales. Current customers include Heels.com, Jomashop.com and Lethal Performance.
The Series B round includes investments from New Enterprise Associates and Sequoia Capital. Sequoia previously invested $3 million in Forster.
Forter’s system signals to online merchants in real time whether they should approve or decline an online transaction, giving them a clear yes-or-no answer instead of a numerical probability that the transaction will be fraudulent. It also offers merchants a full chargeback guarantee for cases where a payment was approved and found to be fraudulent later.
The company, which was founded in 2013 by three former employees of PayPal’s antifraud R&D center in Israel, employs 50 people after more than doubling its headcount in the past three months.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More