E-commerce fraud prevention company Forter has hit a $3bn valuation after raising $300m in a funding round led by Tiger Global Management.
Third Point Ventures, Adage Capital Management, Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners joined the round, which sees Forter’s valuation triple since a Series E six months ago.
Forter processes over $250bn in online commerce transactions, protecting more than a billion consumers globally from credit card fraud, account takeover, identity theft and more.
In the last 12 months the firm has taken advantage of the pandemic-accelerated migration to online shopping, doubling the size of its merchant network and growing revenue by more than 100%.
John Curtius, partner, Tiger Global Management, says: “With the unprecedented rate of digital transformation and the fierce competition in creating the slickest user experience, superior fraud prevention plays an ever more critical role in e-commerce revenue growth.
“After we talked with dozens of customers of every relevant solution in this space, it was very clear to us that Forter is the leader in performance and scale.”
Source: Fin Extra
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