Michael Reitblat Forter CEO (Video Snapshot)
Forter, an Israeli firm that specializes in e-commerce fraud prevention, just reached a valuation of $3 billion, outperforming itself, so to speak. Just last November the company hit the coveted unicorn status with a $1.25 billion valuation after a $125 million round of fundraising. The new valuation comes after it raised $300 million in Series F funding round led by Tiger Global Management, with participation from Third Point Ventures and Adage Capital Management.
A unicorn is a startup, which is still a privately held company that has already reached a billion dollar plus valuation. Ten Israeli startups have already reached unicorn status since the start of 2021 alone.
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This now makes 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.
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Based in Tel Aviv, Forter was founded in 2013 by Michael Reitblat and Alon Shemesh. Forter boasts that it has pioneered the only solution that assesses trust at every customer interaction in real time. Powered by a coalition of the biggest enterprises and designed by the foremost experts—to unlock the full promise of commerce based on trust.
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With COVID prompting a surge in digital channels and online business growth over the past year, false declines are on the rise. Here are a few false decline facts that you may not be aware of already: https://t.co/wASKgiqs65 | #FalseDeclines #FraudProtection #DigitalExperience
— Forter (@ForterGlobal) May 21, 2021
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%; Added leading global brands as customers including Farfetch, ASOS, SHEIN and Prime Trust. As part of the company’s continued expansion, Forter has more than tripled the number of employees within the APAC region and continues to grow its presence in Australia.
“We have set a new standard for trust in commerce. Forter’s platform brings together merchants, banks and payment providers to dramatically improve authorization rates, eliminate false declines and allow consumers to shop with greater convenience and enjoy a more personalized, secure experience,” said Michael Reitblat, CEO and co-founder, Forter. “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.”
“Forter allows us to solve real business challenges and take advantage of explosive growth in online activity,” said Rick Wittman, Head of Information Security, Catch Group, a subsidiary of Australian conglomerate Westfarmers. “The company’s automated, real-time solution has significantly increased approval rates with chargebacks dropping to nearly zero, allowing us to attract and retain the best customers across all retail channels, without the fear of fraud.”
