Forter nabs $32m to tackle e-commerce fraud

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fintech insurtech wealthtech regtech ai cybertech esg news

Fraud-prevention technology for online retailers Forter has raised $32m in a Series C round from Scale Venture Partners.

The San Francisco-based company also saw investment from Commerce Ventures, New Enterprise Associates (NEA) and Sequoia Capital.

The company’s technology is designed to quickly established whether an online transaction is legitimate or fraudulent using machine learning, behavioural analysis and big data sets.

Forter was founded in Tel Aviv in 2013 and still operates an R&D centre there,

The new round takes its total funding to $50m with it previously raising $15m in a Series B round jointly led by Sequoia and NEA in November 2014.

Forter says the new funding will be used to expand around the US.

Scale Venture Partners’ Rory O’Driscoll will join the firm’s board of directors as a result of the deal.

Copyright © 2016 FINTECH GLOBAL

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