E-commerce fraud prevention company Forter has nabbed $300 million in a Series F funding round led by Tiger Global Management, nearly tripling its valuation to $3 billion.
Forter has seen a ton of growth in these past 12 months, having grown revenue by more than 100% and doubled the size of its merchant network, a news release shows.
Forter works with issuing banks, payment providers, retailers and e-commerce platforms to help combat fraud. The New York-based company’s latest funding round is a significant increase from its previous $125 million Series E round. Other participating investors in its Series F round include Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners.
“This transforms fraud prevention into a growth and revenue enablement engine for the entire consortium of participating merchants, ensuring our customers can attract, convert and retain the best shoppers. The funding will enable us to accelerate our growth trajectory by investing in talent, technology and continued global expansion,” Michael Reitblat, CEO and co-founder, Forter, said in a statement.
The company has also cemented some notable partnerships, including its partnership with Capital One to launch “Trusted Authorization,” and has deals with Nuvei, Flutterwave and FreedomPay.
Forter’s fraud prevention platform helps protect consumers from credit card fraud and identity theft and is used by the likes of Sephora, Nordstrom, Instacart, Adobe and Priceline. The company has processed more than $250 billion in commerce transactions.
“With the unprecedented rate of digital transformation and the fierce competition in creating the slickest user experience, superior fraud prevention plays an ever more critical role in e-commerce revenue growth,” John Curtius, Partner at Tiger Global Management, said in a statement. “After we talked with dozens of customers of every relevant solution in this space, it was very clear to us that Forter is the leader in performance and scale.”
In other recent news, Sift, a digital trust, safety and fraud protection company, announced Tuesday it has entered an agreement to acquire Chargeback, a Salt Lake City-based fintech which offers payment security services.