According to the press release, the funding 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. The round propels Forter’s valuation to over USD 1.3 billion.
Moreover, 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 USD 200 billion in annual online transactions protecting over 800 million shoppers.
Furthermore, over the past year, Forter has driven product innovation and extended its partner ecosystem to protect merchants and consumers across the entire ecommerce experience, including:
Loyalty Program Fraud Protection that secures against account takeover (ATO), new account fraud, transactional fraud and policy abuse; Returns Abuse Protection to identify and stop returns abusers; and Smart Routing, which provides automated payment routing decisions to eliminate false declines and reduce lost revenue by 50%.
Fraud Prevention Platform for Payment Service Providers (PSPs), enabling PSPs including FreedomPay, FIS Worldpay, Global Payments, and Checkout.com to provide the best fraud prevention to their merchants.
Partnerships and integrations with leaders in the broader ecommerce ecosystem including Mastercard, SAP, Salesforce and Adobe to increase approval rates and eliminate fraud throughout the entire consumer journey.
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