Israeli e-commerce fraud prevention company Forter today announced that it has completed a $300 million in Series F financing round led by Tiger Global Management, with participation from Third Point Ventures and Adage Capital Management. Existing investors also participated including Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners.
Forter has raised the money at a valuation of $3 billion, nearly tripling its valuation over the past six months from when it raised $125 million in its Series E financing round. Forter will use the additional funding to work with retailers, e-commerce platforms, banks and payment providers to fight fraud, enhance trust, boost confidence and improve the shopper experience.
According to Forter president Liron Damri, most of the money raised will be for investment with most employees not wanting to sell their options and only shares worth a few tens of millions of dollars sold as part of a secondary offering.
Over the last 12 months, Forter has doubled its revenue and doubled the size of its global network of merchants to exceed $250 billion in annual online transactions while protecting more than a billion shoppers globally.
Forter was founded in 2013 by Damri, CEO Michael Reitblat and Alon Shemesh. The company has 300 employees including 200 in Israel where it plans doubling its work force over the next year.
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."
Published by Globes, Israel business news - en.globes.co.il - on May 25, 2021
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