Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

E-Commerce Fraud Prevention Firm Forter Raises $125M at $1.3B Valuation

Forter Becomes Unicorn After $125 Million Series E Funding Round

E-commerce fraud prevention company Forter announced on Thursday that it has achieved “unicorn” status after raising $125 million in a Series E funding round.

Forter Becomes Unicorn After $125 Million Series E Funding Round

E-commerce fraud prevention company Forter announced on Thursday that it has achieved “unicorn” status after raising $125 million in a Series E funding round.

The firm previously raised $100 million and after the latest funding round it has been valued at $1.3 billion.

Forter provides an identity-based solution that is designed to detect fraudulent activity in real time. The platform leverages predictive fraud research and modeling, as well as a global data network to identify attempts of payment card fraud, identity theft and account takeover.

The company says it has protected the transactions of 800 million consumers around the world and claims its customers have reported a 60% reduction in fraud. Customers include Adobe, Sephora, Instacart, Nordstrom and Priceline.

The Series E funding round 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 company plans on using the money to continue expanding its suite of solutions and its global data network.

“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 Michael Reitblat, CEO and co-founder of 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,” Reitblat added.

Advertisement. Scroll to continue reading.

Related: SentinelOne Raises $267 Million at Valuation Exceeding $3 Billion

Related: Menlo Security Raises $100 Million at $800 Million Valuation

Related: Developer Security Firm Snyk Raises $200 Million at $2.6 Billion Valuation

Written By

Eduard Kovacs (@EduardKovacs) is a managing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Discover strategies for vendor selection, integration to minimize redundancies, and maximizing ROI from your cybersecurity investments. Gain actionable insights to ensure your stack is ready for tomorrow’s challenges.

Register

Dive into critical topics such as incident response, threat intelligence, and attack surface management. Learn how to align cyber resilience plans with business objectives to reduce potential impacts and secure your organization in an ever-evolving threat landscape.

Register

People on the Move

Cyber exposure management firm Armis has promoted Alex Mosher to President.

Software giant Atlassian has named David Cross as its new CISO.

Dan Pagel has been named the new CEO of risk management and remediation firm Brinqa.

More People On The Move

Expert Insights

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest cybersecurity news, threats, and expert insights. Unsubscribe at any time.