The funding helps Forter nearly triple its valuation to $3B. Here are the top-line bullets you need to know.
Forter, a fraud-prevention platform for e-commerce, has raised $300M in a Series F with participation from Tiger Global Management, Bessemer Venture Partners, Sequoia Capital, and Scale Venture Partners, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Forter’s real-time fraud prevention platform allows merchants and payment providers to reduce false declines and improve authorization rates.
- The company has doubled its merchant network in the last year and conducted online transactions of over $250B.
- The company has a presence across 230 countries and has protected over 1B shoppers from fraud.
- Forter reportedly doubled its revenue and tripled its APAC employees in the last 12 months.
- The company’s customers include ASOS, Shein, Nordstorm, Priceline, and Instacart, among others.
WHY DOES THE MARKET MATTER?
- The global fraud detection and prevention market is projected to grow at a CAGR of 24.4% and reach a value of $106.71B by 2027, according to Fortune Business Insights.
- The US e-commerce market is expected to generate sales of over $700B by 2023. The rise of e-commerce has led to an increase in the number of fraudulent activities in the digital space, leading to higher demand for fraud prevention software.
- The Covid-19 pandemic has led to an increase in the number of digital payments and their adoption, leading to an increased focus on e-commerce security.