Online fraud prevention co Forter raises $32m

ecommerce

The Israeli startup helps retailers prevent identity fraud, internet fraud and phone fraud.

Israeli online fraud prevention company Forter has closed $32 million in Series C funding led by Scale Venture Partners, with participation from Series B investors Sequoia Capital and New Enterprise Associates (NEA).

Headquartered in San Francisco, the company maintains its development center in Tel Aviv. 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, which was founded in 2014 by CEO Michael Reitblat, COO Liron Damri and Chief Analyst Alon Shemesh, has raised $50 million with this latest financing round. Since 2014, the company has tripled in size, helping create a global market platform that merchants use to ensure that fraud prevention is consumer-centric, contributing to frictionless checkout and smooth customer experience.

The new funding will be used to drive Forter’s continued rapid growth and overall expansion throughout the US, as well as the acceleration of the company’s innovative, fully automated fraud prevention platform and company vision of delivering a fraud-free e-commerce ecosystem. The funds will also be used to ensure Forter’s continued mission of combating and eliminating e-commerce fraud. The Global Fraud Attack Index reported that online fraud attacks grew 215% in 2015, and as fraudsters worldwide continue to evolve their methods of attack, the new investment will strongly aid Forter in their mission to reduce e-commerce-related fraud while improving customer experience and driving sales.

Reitblat said, "In today’s world of growing fraud attacks, we want to completely remove the fear of fraud from eCommerce and help retailers capture more sales."

Published by Globes [online], Israel business news - www.globes-online.com - on April 21, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016 .

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