Israel e-commerce fraud prevention company Forter announced today the completion of a $50 million Series D financing round led by March Capital Partners with participation from Salesforce Ventures and previous investors Sequoia Capital, New Enterprise Associates (NEA) and Scale Venture Partners.
Founded in 2013 by CEO Michael Reitblat, COO Liron Damri and Chief Analyst Alon Shemesh, the company's product protects merchants during each stage of the customer lifecycle in real-time
With offices in Tel Aviv, New York and London, Forter helps retailers prevent identity fraud, internet fraud and phone fraud and offers an automated, real-time Decision as a Service solution for online merchants. The company has raised $100 million in total to date including this latest financing round.
The company leverages sophisticated machine learning technologies, enhanced by human domain expertise, Israeli military intelligence and continuous research, to create a robust and ever-expanding identity database, already covering more than 240 million shoppers globally. Today, with Forter’s powerful data network effect, over 95% of transactions processed by the company are completed by consumers who interacted with the network before. This growing network continues to power a coalition of retailers against fraud. This includes Fortune 500 retailers, leading travel companies and fast-growing digital disruptors throughout the US, Europe, and Asia.
Reitblat said, "Fraud is an ever shifting problem. To get ahead of the curve and support our retail customers in whichever new experiences they want to offer consumers, we plan to double our already massive investment in research and development, expand our global coverage and facilitate further collaboration in the e-commerce and payments ecosystem."
"We’ve been seeing a major trend of offline commerce shifting online and the Forter team has built a solution to detect and prevent fraud across the payments ecosystem with the advantage of next-generation technology that leverages machine learning," said Jamie Montgomery, Managing Director, March Capital Partners. "We’re excited to be involved with a company on the forefront of their industry and to watch Forter evolve as the fraud landscape grows more complex."
Published by Globes [online], Israel business news - www.globes-online.com - on September 26, 2018
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