New York/Tel Aviv based fraud prevention startup Forter announced yesterday a $125M Series E funding round. The funding round comes as an unprecedented surge in eCommerce transactions due to Covid and merchants attempting to grapple with eCommerce fraud. Founded in 2013, Forter works within the payments ecosystem to detect and prevent fraudulent transactions. It also provides solutions to combat account takeover, credit card fraud, policy abuse and more. Forter’s platform is typically deployed between the user payment touchpoints and the payment processor and essentially approves or rejects transactions based on various signals it collects during the transaction process.
“We set out to create a global coalition of merchants, banks and payment providers that fight fraud together. We continue on our mission to expand the online network of trust and will continue investing in our platform in collaboration with our customers and partners,” said Michael Reitblat, CEO and Co-founder, Forter. “This year we have doubled our team across eight global offices, doubled our revenue and enjoyed our first cash flow positive quarter. The market traction we have experienced allows us to invest even more into our platform and drive more significant impact for our customers and partners. We will remain an independent company as we continue to grow our footprint across the commerce ecosystem.”
The funding will allow Forter to accelerate its vision of establishing an ecosystem of trust across online merchants, banks and payment providers to block fraud and give consumers the trust and convenience to shop freely. The company will continue to expand its suite of solutions and global data network, which has doubled in size over the last 12 months to exceed $200 billion in annual online transactions protecting over 800 million shoppers.We recently covered Forter in our most promising fraud prevention startups in Israel as well in our top ecommerce fraud prevention companies list.