Fraud prevention specialist Forter announces blockbuster funding round

E-commerce fraud prevention venture, Forter, has raised $125 million in Series E funding, giving it a valuation of over $1.3 billion.

This was led by Bessemer Venture Partners, Felix Capital and Itai Tsiddon, with participation from Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners and Commerce Ventures.

Across five rounds, Forter has now pulled in $225 million.

The company, which counts Asos, Boohoo, Sephora, Hugo Boss and Adobe as customers, will use the latest funding 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.

Also of interest: SNIPES deploys Forter fraud detection tech

“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,” says 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.”

“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,” says 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.”