CFOtech Asia logo
Technology news for Asia's CFOs and financial decision-makers
Story image

Forter doubles revenue in 12 months, raising $300 million for a $3 billion valuation

By Ryan Morris-Reade
Fri 28 May 2021
FYI, this story is more than a year old

Forter has doubled its revenue in the last 12 months, raising $300 million for a $3 billion valuation.

eCommerce fraud prevention company Forter has announced it’s raised $300 million in Series F funding led by Tiger Global Management, with participation from Third Point Ventures, and Adage Capital Management. 

Existing investors also participated including 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 $125 million Series E round, almost tripling the valuation to $3 billion. This makes Forter the most valuable privately held company in the fraud prevention industry. 

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

Over the last 12 months, Forter has:

  • Doubled the size of its global network of merchants to exceed $250 billion in annual online transactions while protecting more than a billion shoppers globally.
  • Grown revenue by more than 100%.
  • More than tripled the number of employees within the APAC region and continues to grow its presence in Australia.
  • Added leading global brands as customers including Farfetch, ASOS, SHEIN, and Prime Trust.

“We have set a new standard for trust in commerce,” says Forter’s CEO and co-founder, Michael Reitblat.

“Forter’s platform brings together merchants, banks, and payment providers to improve authorisation rates, eliminate false declines, and allow consumers to shop with greater convenience and enjoy a more personalised, secure experience.

“This transforms fraud prevention into a growth and revenue enablement engine for the entire consortium of participating merchants, ensuring our customers can attract, convert and retain the best shoppers. The funding will enable us to accelerate our growth trajectory by investing in talent, technology, and continued global expansion,” he says.

Priceline’s CFO, Matthew Tynan, says Forter has allowed his company to focus on serving its customers and take advantage of the encouraging travel recovery in the United States. 

“The company’s automated, real-time solution has significantly increased approval rates while substantially reducing chargebacks, allowing us to attract and retain the best customers across all retail channels, without the fear of fraud,” he says.

While Forter says it has benefited greatly from the industry trend towards a digital transformation resulting from the pandemic effects, its unprecedented growth has also been driven by product innovation and new partnerships with leaders across banking, payments and eCommerce. 

Earlier this year, Forter partnered with Capital One to launch Trusted Authorisation, one of the first solutions enabling merchants to increase authorisation rates and decrease false declines. It also launched its Fraud Prevention Platform for Payment Service Providers, announcing deals with FreedomPay, Nuvei, and most recently Flutterwave, to increase approval rates and offer fraud prevention to more than a million merchants globally.


 
 

Related stories
Top stories
Story image
Artificial Intelligence
Appier achieves historically high growth rate of 56% YoY
"Our strong momentum over the past two quarters underscores Appier's significant growth alongside our customers."
Story image
Ransomware
Sophos reveals latest ransomware trend impacting orgs
Sophos has announced in a new whitepaper that Hive, LockBit and BlackCat, three prominent ransomware gangs, consecutively attacked the same network.
Story image
Digital Transformation
Why it is imperative to keep up with technology advancements
Technology is constantly evolving, which is why digital transformations can often be complicated. What legacy items stay? Will the new and old work together? Or is there a whole new system that we need to introduce?
Story image
Tech job moves
Tech job moves - Fastly, INX, Kinly, SmartBear & Vectra AI
We round up all job appointments from July 29 - August 12, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Augmented Reality
TeamViewer remote access software integrated into RealWear Cloud
TeamViewer has announced a major expansion of its partnership with RealWear, a leading provider of assisted reality wearable solutions for frontline industrial workers. 
Story image
APAC
Automation to take over 63 million jobs in APAC by 2040 - report
Forrester forecasts that working populations in the five largest economies in APAC are more at risk of physical robot automation than in Europe and North America.
Story image
10 Minute IT Jams
Video: 10 Minute IT Jams - An update from Incode Technologies
Jonathan Andresen joins us today to discuss the identification and authentication solutions offered by Incode.
Story image
Malware
Bitdefender identifies 192 active ransomware families worldwide
Bitdefender says the most prevalent of the 192 active ransomware families was WannaCry, which accounted for 42% of detections.
Story image
Artificial Intelligence
Oracle unveils AI-powered application to automate sales
Oracle has unveiled the next generation of Fusion Sales, an application that automates sales and identifies the opportunities worth pursuing.
Story image
Enterprise
Fortinet reports second quarter 2022 financial results
“We delivered strong revenue and billings growth in the second quarter driven by an increase in the number of transactions larger than one million dollars."
Story image
Indusface
Why enhancing bot protection for web and API endpoints matters
The trouble with bots is that they aren’t all bad. Unfortunately, this can make it challenging to detect malicious bots that find their way into your system and threaten your business.
Story image
Fintech
SC Ventures launches fintech startup for retail banking
SC Ventures has launched Appro, a fintech startup, to simplify the retail banking user journey, aiming to foster greater efficiency in application processes for retail banking products.
Story image
Internet of Things
AI-Link chooses Keysight offering to validate 5G performance
AI-Link has chosen Keysight Technologies' 5G test tools for end-to-end performance validation of cloud-native 5G radio access network (RAN) equipment.
Story image
Robotic Process Automation / RPA
Gartner anticipates RPA software revenue of US$2.9 billion
Gartner predicts global robotic process automation (RPA) software revenue to reach US$2.9 billion in 2022, an increase of 19.5% from 2021.
Story image
SaaS
Viavi updates Observer platform to simplify cloud monitoring
Version 18.8 simplifies cloud monitoring with data centre-like visibility, bringing two key capabilities to cloud-based applications and deployments.
Story image
Document Management
TrustRadius gives M-Files two document management awards
TrustRadius has recognised M-Files with both a 2022 Best Feature Set and a 2022 Best Relationship award in document management.
Story image
Compliance
Why security needs to shape your journey to the cloud
It's estimated that 80% of workloads could be in the cloud in the next few years. How can you make all that data secure?
Story image
Skills gap
Diversity, inclusion essential to fill IT industry skills gap
Companies say that recruiters have to search harder and wider for talent, unlocking untapped potential to fill the skills gap.
Story image
Gartner Magic Quadrant
Gartner names Lookout a Visionary in 2022 Magic Quadrant
Gartner has recognised Lookout as a Visionary in the 2022 Magic Quadrant for Security Service Edge (SSE) and one of the top three offerings in the 2022 Gartner Critical Capabilities for SSE report.
Story image
Appointments
Tech job moves - Checkmarx, Kinly, Syniti, Trellix & WalkMe
We round up all job appointments from July 22-28, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Tablets & laptops
HP unveils new devices and solutions to enhance hybrid workplaces
HP has introduced a variety of new devices and solutions, which they say are designed to connect people and provide better experiences when dealing with hybrid work.
Story image
Hybrid Cloud
The essential guide to digital transformation by SolarWinds
Digital transformation is a buzzword thrown around all the time by companies, but what does it actually mean and why is it important? SolarWinds breaks it down.
Story image
Cybersecurity
Qualys develops EASM capabilities for Cloud Platform
"Qualys unique approach to EASM is integrating the internal and external asset data from CyberSecurity Attack Management with its VMDR solution into a single view."
Story image
Ransomware
Majority of execs in SEA anticipate ransomware attacks
Kaspersky's study uncovers that more than half believe a ransomware attack against their business is too small to worry about.
Story image
SaaS
Exclusive: The Access Group shares the benefits of embracing SaaS
In today's rapidly changing working environments, efficiency and productivity are surefire ways to create business growth and success.
Story image
Data
NOVATION releases cloud-based solution to maximise value of data
NOVATION has announced the release of DataVio, its cloud-based solution for helping businesses automate the processing and extraction of data.
Story image
Rubrik
Gartner names Rubrik Leader in 2022 Magic Quadrant
Rubrik has been positioned by Gartner as a Leader in the 2022 Magic Quadrant for Enterprise Backup and Recovery Software Solutions.
Story image
Tech job moves
Tech job moves - Cohesity, Equinix, IDC, Proofpoint & Xero
We round up all job appointments from July 29 - August 5, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Robotic Process Automation / RPA
Gartner names NICE a Leader in 2022 Magic Quadrant
NICE has been recognised as a Leader in the 2022 Gartner Magic Quadrant for Robotic Process Automation (RPA) research report.
Story image
Amazon Web Services / AWS
Sapporo City selects Nutanix Cloud Clusters on AWS
The city first used a hyper-converged infrastructure (HCI) solution from Nutanix to modernize and improve the efficiency of its on-premise datacenter.
Story image
Gartner
Veeam named Leader in enterprise backup and recovery
"We believe our innovation and ability to execute validates our solid standing as the #1 trusted provider of modern data protection."
Story image
Pure Storage
Pure Storage named leader in GigaOm report for Kubernetes storage
Pure Storage named the leader for the third consecutive year by GigaOm Radar Report for enterprise Kubernetes storage.
Story image
Gartner Magic Quadrant
Gartner positions Commvault as Leader in 2022 Magic Quadrant
Gartner has named Commvault a Leader in its 2022 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions report.
Story image
Hybrid Cloud
ERP implementations biggest concern for customers - report
"Companies are setting a higher bar for their ERP providers to deliver on more than just the technology itself."
Story image
Partnership
NCS, FPT Software launch Strategic Delivery Centre in Vietnam
The new partnership is designed to support increasing demand for high quality digital services across the region.
Story image
Cloud
TBC Bank decreases time to market for new offerings by 40%
TBC Bank has reduced time to market for new and enhanced products and services by 40% since implementing Kong Enterprise, the cloud native API platform. 
Story image
Infrastructure
IBM expands Power10 server line for business modernisation
IBM has recently announced a significant expansion of its Power10 server line with the introduction of mid-range and scale-out systems.
Story image
VMware
Latest VMware threat report reveals truth about deepfakes
"Cyber criminals have evolved. Their new goal is to use deepfake technology to compromise organisations and gain access to their environment."
Story image
scam
Classiscam threat expands to target leading platforms in Singapore
Researchers at Group-IB have uncovered that Classiscam, a sophisticated scam-as-a-service operation, has expanded to Singapore.
Story image
Palo Alto Networks
New study reveals opportunistic behaviour of cyber criminals
"Ransomware attackers are also becoming more organised [...] as they engage with cyber criminals and the victimised organisations."
Story image
Remote Working
Four-day week: Perceptions across Asia Pacific and Japan
Workers across APJ want to be empowered to do their best work, wherever and whenever they want.
Story image
Data
Hazelcast launches beta release of new serverless offering
Hazelcast Viridian Serverless speeds up app development, simplifies provisioning, and enables integration of real-time data into applications.