E-commerce fraud prevention company Forter has raised $300m in a Series F funding round, bringing its value to $3bn.
Tiger Global Management led the round, which saw 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.
The announcement comes six months after Forter completed its $125m Series E funding round. It plans to use the additional funding to expand its operations globally to help more companies tackle fraud.
Michael Reitblat, CEO and co-founder at Forter, said: “We have set a new standard for trust in commerce. Forter’s platform brings together merchants, banks and payment providers to dramatically improve authorisation rates, eliminate false declines and allow consumers to shop with greater convenience and enjoy a more personalised, 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.”
Covid-19 fuels rising fraud
Over the past 12 months, Forter has doubled the size of its global network of merchants to exceed $250 billion in annual online transactions.
The fraud company has also grown revenue by more than 100%. This comes as fraud levels have increased significantly at the hands of the pandemic, with scammers taking advantage of vulnerable people using Covid-19.
The pandemic has also accelerated the move to digital as country lockdowns meant consumers needed to access services from home.
John Curtius, Partner at Tiger Global Management, said: “With the unprecedented rate of digital transformation and the fierce competition in creating the slickest user experience, superior fraud prevention plays an ever more critical role in e-commerce revenue growth.”
Forter has also made a number of new partnerships. In April, the fraud company teamed up with African fintech Flutterwave to fuel fraud prevention in Africa. Furthermore, Forter partnered with Captial One to enable merchants to increase authorisation rates and decrease false declines.
Curtius added: “After we talked with dozens of customers of every relevant solution in this space, it was very clear to us that Forter is the clear leader in performance and scale.”