![]() And in any case, fraud in e-commerce is not exactly going away. While we have definitely seen a lot of growth, and growing sophistication, in the number of tools on the market to combat cybercrime, it’s in some ways an ouroboros of a problem: The more transactions that are made, the more there are that need to be monitored for suspicious activity. ![]() He described Tiger as a “kingmaker” in the category of e-commerce, so it was an easy decision to make, and gave it the “gas” it needed to take its next growth steps.Į-commerce has been one of the major technology growth stories of the last year, fueled by a rush of consumers and businesses playing out their lives online at a time when it has been harder, and in some cases impossible, to transact in person. That led to a lot of investors proactively reaching out and asking questions, he continued. “But in the past six months we’ve seen such a great momentum, doubling revenue and ARR, and seeing our customer volumes grow.” “All we wanted to do was go back to run the company,” he said. “Our vision is to serve the merchant as the go-to trusted partner for everything, so remediation is definitely on our roadmap,” he said of potential acquisition targets.ĭamri, who co-founded the company with Michael Reitblat, CEO, and Alon Shemesh, chief analyst, said in an interview that the startup - which works with some 350 large customers like Priceline and Instacart and a growing number of service providers like FreedomPay and Flutterwave, altogether seeing some $250 billion worth of transactions globally last year - wasn’t proactively looking for more money. One area on its roadmap for expansion is remediation after the fraud occurs, said Liron Damri, Forter’s co-founder and president. The plan will be to use to the money to expand Forter - founded in Tel Aviv and now based in New York - geographically, bring more functionality into its product and explore adjacent areas where Forter might expand its capabilities, either organically or by way of acquisition.įorter today focuses mainly on identifying fraud at the point of transaction and building an AI-based platform that “learns” more behaviors to improve its accuracy it also builds models that keep more people transacting and helps bring down the number of “false positives” where activity that appears suspicious actually is not. Tiger Global Management is leading this latest equity infusion, with new backers Third Point Ventures and Adage Capital Management, and existing investors Bessemer Venture Partners, Sequoia Capital, March Capital, NewView Capital, Salesforce Ventures and Scale Venture Partners, also involved. ![]() The new funding, a Series F, values Forter at $3 billion - notable not least because the funding is coming only about six months since Forter’s previous round, a $125 million Series E that valued it at over $1.3 billion. Now, Forter, one of the startups building a business to tackle that malicious activity, has closed $300 million in funding - a sign both of the size of the issue and its success in tackling it to date. ![]() E-commerce is on the rise, but that also means the risk, and occurrence, of e-commerce fraud is, too.
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