Ecom Fraud Prevention company Forter Hits $3 billion valuation
Forter, one of the major e-commerce fraud prevention companies, has raised $300 million in a Series F funding round that was led by Tiger Global Management.
The other participants in the round included Third Point Ventures, Adage Capital management, and others and this has helped the company to have a valuation of $3 billion which is a 3-time increase in its valuation as compared to the Series E funding round a few months ago.
The company has seen some strong growth over the last few months as more and more people shift to shopping online in view of the pandemic and the associated lockdowns in different parts of the world. The last few months have seen a multi-fold increase in online purchases and payments as well which makes online security very important.
This field is still in its nascent stages with many people around the world still finding their way around e-commerce and how best to use it in a safe and reliable manner. It is here that the work of companies like Forter is cut out as it processes over $250 billion in transactions and over a billion users around the world are touched by its services.
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.”
It is also very important for fraud prevention companies to keep abreast of the latest technologies as the hackers and others who are into financial crimes keep coming up with newer and newer methods to dupe consumers who are also pretty much new online. While the pandemic has brought in a lot of new users to e-commerce websites, which is good for the industry, it has also led to a lot of gullible consumers coming online who have started using e-commerce websites probably for the first time.
But as long as the fraud prevention companies like Forter keep innovating and pushing upgrades to their solutions, they are likely to see tremendous growth in their business in the coming years as the transaction volumes hit the roof.