FORTER SECURES US$300 MILLION FOR US$3 BILLION VALUATION

KUALA LUMPUR, May 28 (Bernama) -- Forter, the leader in e-commerce fraud prevention, has raised US$300 million in Series F funding led by Tiger Global Management, with participation from Third Point Ventures and Adage Capital Management. (US$1 = RM4.14)

Based on a statement, existing investors include Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners.

The announcement comes six months after the company completed its US$125 million Series E round, almost tripling the valuation to US$3 billion, and making Forter the most valuable privately held company ever in the fraud prevention industry.

Forter will use the additional funding to continue expanding its global ecosystem of trust, enabling retailers, e-commerce platforms, issuing banks and payment providers to fight fraud together, boosting confidence and improving shopper experience across the entire purchasing journey.

Over the last 12 months, Forter has grown revenue by more than 100 per cent and added leading global brands as customers including Farfetch, ASOS, SHEIN and Prime Trust, among others.

“Forter’s platform brings together merchants, banks and payment providers to dramatically improve authorisation rates, eliminate false declines and allow consumers to shop with greater convenience and enjoy a more personalised, secure experience,” said Forter co-founder and chief executive officer, Michael Reitblat.

“The funding will enable us to accelerate our growth trajectory by investing in talent, technology and continued global expansion.”

-- BERNAMA