Forter Ltd., a leading New York-based security software provider, reportedly raised USD 300 million in a Tiger Global Management-led Series F funding round. Companies such as Adage Capital Management and Third Point Ventures, along with existing investors including Sequoia Capital, Bessemer Venture Partners, NewView Capital, and Scale Venture Partners also participated in the latest fundraising.
Forter plans to use the additional funds to expand its global footprint to enable retailers, issuing banks, e-commerce platforms, and payment providers to prevent fraud and improve the shopping experience during the purchase process.
For the record, Forter had raised USD 125 million in a Series E funding round in November last year, almost tripling its valuation to USD 3 billion, making it the most valuable private company in the fraud prevention industry.
Over the past year, the company has managed a feat of doubling its revenues, as well as its global network of merchants, with over USD 250 billion in transactions while safeguarding more than a billion shoppers across the world.
CEO and Co-founder of Forter, Michael Reitblat, was quoted saying that the company is setting new standards for trust in commerce. Forter’s ecosystem aims to bring together banks, merchants, and payment providers to boost authorization rates, reduce false declines, and enable customers to enjoy a personalized, and secure shopping experience, he added.
While the e-commerce security provider has benefited tremendously from the pandemic-induced digital transformation, Forter’s mercurial growth has also been driven by new product launches, and strategic partnerships with leading players from the e-commerce, banking, and payments sectors, cited knowledgeable sources.
To elaborate, Forter had entered into a partnership with Capital One earlier this year to launch Trusted Authorization, one of the first solutions to eliminate false declines and increase authorization rates by sharing fraud insights with issuing banks, thus enabling a more informed decision-making process.
Notably, Forter’s cohesive fraud prevention platform is driven by its rapidly expanding global network, and underpinned by extensive research and innovation, and the ability to provide a tailored service to meet customer requirements.
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