Fraud protection developer Forter has closed a $15 million Series B financing round from New Enterprise Associates (NEA) and Sequoia Capital.
The Israeli company has developed a fraud prevention solution to offer a real-time decision engine for online merchants.
Sequoia Capital's Doug Leone and NEA's Peter Barris participated in the inauguration of Forter's new R&D center in Tel Aviv, which will address one of the growing concerns in e-commerce - fraud. According to the latest industry-wide reports, in the last year alone, e-commerce fraud has nearly doubled, triggering $5 billion in losses for online merchants.
Forter CEO and Co-Founder Michael Reitblat said, "During the last year we have approved hundreds of millions of dollars worth of transactions that have allowed merchants to boost their mobile commerce, accept more international customers and significantly improve the brand experience. Our merchants are shipping faster, selling more and experiencing higher customer satisfaction."
Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014