US fraud prevention business Forter has snared $300m from a Series F funding round led by Tiger Global Management.
The round also included participation from Third Point Ventures, Adage Capital Management, March Capital, Bessemer Venture Partners, Scale Venture Partners, Sequoia Capital, NewView Capital and Salesforce Ventures.
This round comes six months after Forter concluded its $125m Series E round. Following this recent round, the company has tripled its valuation to $3bn – making it the most valuable privately-held company ever in the fraud prevention industry.
Launched in 2013, Forter is a leader in e-commerce fraud prevention and is focused on protecting consumers from credit card fraud, identity theft, account takeover and more. The firm’s identity-based fraud prevention platform detects fraudulent activity in real-time.
According to Forter, it will use the recent funding to continue expanding its global ecosystem by supporting retailers, issuing banks, payment providers and ecommerce platforms to tackle fraud.
Over the past year, Forter has doubled the size of its global merchant network to exceed $250bn in yearly online transactions while protecting over a billion shoppers worldwide. The firm has also grown its revenue by over 100%.
Forter also partnered with Capital One earlier this year to increase authorisation rates and decrease false declines by sharing its fraud insights with issuing banks to make better decisions. Furthermore, the company has also launched its Fraud Prevention Platform for payment service providers.
Forter CEO and co-founder Michael Reitblat said, “We have set a new standard for trust in commerce. 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 previously raised $125m in a Series E funding round in November 2020. Following this capital influx, the company achieved a $1.3bn valuation in the process.
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