From: RegTech Analyst
Fraud fighting RegTech Forter has raised $125m in Series E funding and has achieved a $1.3bn valuation in the process.
Bessemer Venture Partners, Felix Capital and Itai Tsiddon led the e-commerce fraud prevention company’s latest round.
“Companies that can allow global organisations to safely embrace and accelerate their digital transformation and increase the lifetime value of their online consumers are invaluable as e-commerce continues to climb,” said Elliott Robinson, a partner at Bessemer Venture Partners.
“Forter has turned fraud prevention into a business enabler by uniting the entire digital economy ecosystem to fight fraud together and let people shop safely.”
Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners and Commerce Ventures also participated in the raise.
Forter will use the money to accelerate the expansion of its suite of solutions and global data network, which has doubled in size over the last 12 months to exceed $200bn in annual online transactions protecting over 800 million shoppers.
“We set out to create a global coalition of merchants, banks and payment providers that fight fraud together,” said Michael Reitblat, CEO and co-founder of Forter. “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.
“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.”
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