E-commerce fraud prevention platform Forter has raised $125m in a Series E round bringing its valuation to over $1.3bn.
The round was led by Bessemer Venture Partners and Itai Tsiddon with participation from Felix Capital and Sequoia Capital among others.
Forter said it would use the investment to expand its network, which has doubled in size over the last 12 months to exceed $200bn in annual online transactions.
Forter’s real-time, fully automated platform is used by merchants including Asos, Boohoo, Hugo Boss and Adobe. It comes amid a huge surge in e-commerce activity as retail stores are forced to shut due to the pandemic.
“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.”
Forters has in the past year extended its offering to protect merchants and consumers across the e-commerce space, including through its platform for payment service providers. Among its customers are FreedomPay, FIS Worldpay, Global Payments and Checkout.com.
It has been a stellar year for the company having expanded its team across eight offices, doubling revenue and enjoying its first cash-flow positive quarter.
“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 chief executive and co-founder Michael Reitblat.