Forter, a NYC-based e-commerce fraud prevention company, has closed its Series D funding round on $50m.
The round, which brings the company’s total financing to $100m, was led by March Capital Partners. Salesforce Ventures and previous investors Sequoia Capital, New Enterprise Associates (NEA) and Scale Venture Partners also participated in the round.
Michael Reitblat (CEO), Liron Damri (president), and Alon Shemesh (chief analyst) founded Forter in 2013 to prove that conventional tactics were inadequate for the realities of online commerce, and that automation was possible.
Forter provides an e-commerce fraud prevention platform that protects merchants during each stage of the customer lifecycle in real-time. It leverages machine learning technologies, enhanced by human domain expertise and continuous research, to create an expanding identity database.
The company currently works with ‘the world’s most admired and successful brands’, including Fortune 500 retailers, leading travel companies, and amazing digital disruptors, across five different continents. Its platform is used to detect instances of fraud and abuse beyond transactions in real-time, such as attempts at account takeover and return abuse, remove them and improve the user experience for customers.
With new capital onboard, the company plans to invest even more in its team and its technology. It will also invest in research to expand its platform, helping its customers to continuously improve the e-commerce experience.
Reitblat said in statement: “We’ll be expanding internationally and will keep uniting the world of commerce to work towards a world where no retailer ever stands alone, exposed to fraud. We have always known that our platform creates the safest, most trustworthy environment for e-commerce. We’re proud to drive and facilitate the amazing innovation that’s happening in the space, and to create a place where companies selling online can come together to fight fraud as one.
“Over the last year we’ve really seen what happens when others discover that too. With 1200% growth in just 12 months, Forter is now protecting over $50B in online transactions. That’s more than 10% of all US commerce transactions outside of Amazon.”
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