SaaS-based financial software company Forter is quickly growing into one of the largest fraud prevention resources for global marketplaces and online retailers. The company’s platform serves as a type of middleman between banks and payment providers, ensuring secure and accurate transactions, with software to eliminate false declines and improve authorization rates.
The momentum this company has gained in the last year only seems to be increasing. Six months ago, Forter completed a Series E funding round, bringing it to a staggering $1.3 billion valuation. Now, announcing the end of its Series F round, led by Tiger Global Management, the company has doubled its value, reaching a $3 billion valuation in that short stretch of time and raising $300 million this round.
The growth of Forter is mostly thanks to the boom in digital transformation, particularly in the financial services and ecommerce industries. With so many businesses and retailers entering the online marketplace, the need for fraud prevention is mandatory to ensure success. The use of the company’s most invested software, its Real Time Frictionless Fraud and Abuse Prevention Platform, has doubled among global merchants, with the software being used to process over $250 billion worth of transactions annually.
Current customers include Priceline, Deckers, and Nordstrom, as well as global brands like Farfetch, SHEIN, Prime Trust, and ASOS. With this newly acquired funding, Forter will be investing in furthering its global operations, including follow through with opening offices in the EMEA and APAC regions.
CEO and Co-founder Michael Reitblat commented on his company’s growth, saying “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.”
It is predicted that 2021 will see a total of $4.89 trillion in the global ecommerce market, with even higher rates of growth in coming years. With this, Forter has a huge advantage to grow into the dominating force within this ever-expanding industry. Though there is currently little mention of product launches or any potential acquisitions on behalf of Forter, the company has indicated that it will continue expansion and growth in adaptation to modern digital demands.