eCommerce fraud prevention company Forter has raised $300 million in a Series F funding round, according to a press release.
This marks a near-tripling of the company’s valuation to $3 billion, following a $125 million Series E round from six months ago, the release stated.
The round was led by Tiger Global Management with participation from Third Point Ventures and Adage Capital Management, according to the release. Existing investors also participated, including Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners.
“We have set a new standard for trust in commerce,” said Forter CEO and Co-Founder Michael Reitblat in the release. “Forter’s platform brings together merchants, banks and payment providers to dramatically improve authorization rates, eliminate false declines and allow consumers to shop with greater convenience and enjoy a more personalized, 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.”
Forter plans to use the money to keep expanding its ecosystem around the world, helping retailers and eCommerce platforms, issuing banks and payment platforms to fight fraud, the release stated.
Forter also partnered with Capital One earlier this year in order to roll out Trusted Authorization, which allows merchants to establish increased authorization rates and cut down on false declines by sharing Forter’s fraud insights with issuing banks, according to the release. That allows the banks to make better decisions.
Earlier this year, PYMNTS reported that Sift, a digital trust and safety company, found fraudsters modified their tactics in 2020 to take advantage of a boom in online shopping amid the pandemic. The average attempted fraudulent purchase rose to more than $700 in the fourth quarter of 2020 — up 70 percent from the previous year — fueled by a huge increase in account takeovers.