Israeli E Commerce Startup Forter Reaches $1.25 Billion Valuation
The fraud prevention company beats Cato’s $1 billion valuation from just a few days ago.
Forter, an Israeli firm which specializes in e-commerce fraud prevention, just reached a valuation of $1.25 billion, outperforming fellow Startup Nation company Cato which reached a $1 billion valuation earlier in the week. The valuation came as Forter raised $125 million in a Series E round led by Bessemer Venture Partners and Itai Tsiddon, the co-founder of Lightricks Ltd.
So far in 2020 Forter has doubled its employees over 8 different offices around the world. It also just had its first cash flow positive quarter. So the company is yet another example of Startup Nation showing resilience in the Covid Virus devastated year of 2020.
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.
The company states that is processes over $200 billion in online commerce transactions and that it protects over 750 million consumers globally from credit card fraud, account takeover, identity theft, returns abuse, and more.
Forter’s integrated fraud prevention platform is fed by its rapidly growing Global Merchant Network, underpinned by predictive fraud research and modeling, and the ability for customers to tailor the platform for their specific business needs – from policy abuse, to account takeover fraud, to loyalty fraud, and more. Forter states that it is trusted by Fortune 500 companies to deliver exceptional accuracy, a smoother user experience, and elevated sales at a much lower cost.
“We set out to create a global coalition of merchants, banks and payment providers that fight fraud together. We continue on our mission to expand the online network of trust and will continue investing in our platform in collaboration with our customers and partners,” said Michal Reitblat, CEO and co-founder of Forter.
Read more about: E Commerce, Forter, Michael Reitblat, startup nation