Forter has raised $300 million to expand its e-commerce fraud prevention service.
The Series F round - which Forter says values the business at $3 billion, making it the most valuable privately held fraud prevention company - was led by Tiger Global Management with participation from Third Point Ventures and Adage Capital Management.
Existing investors including Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners also participated.
The fresh capital follows the New York-based company’s $125 million Series E round in December 2020. Forter works with travel brands including Priceline and Kiwi.com as well as companies such as Instacart and Sephora.
Over the past 12 months, Forter says it has doubled its revenue as well as doubled the size of its global network of merchants to exceed $250 billion in annual online transactions.
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Forter co-founder and CEO Michael Reitblat says the new funding will enable the company to invest in talent, technology and global expansion.
“We have set a new standard for trust in commerce. Forter’s platform brings together merchants, banks and payment providers to dramatically improve authorization rates, eliminate false declines and allow consumers to shop with greater convenience and enjoy a more personalized, secure experience,” he says.
“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.”
Adds Priceline CFO Matthew Tynan: “Forter allows us to focus on serving our customers and take advantage of the encouraging travel recovery in the United States. The company’s automated, real-time solution has significantly increased approval rates while substantially reducing chargebacks, allowing us to attract and retain the best customers across all retail channels, without the fear of fraud.”