Forter Nets $3 Million in Series A Funding
March 27, 2014
Forter, an Israeli antifraud technology provider that launched in February , on Tuesday revealed it has secured a $3 million round of financing. Forter was founded by veterans of Fraud Sciences, an antifraud company that was acquired by and integrated into PayPal in 2008. Forter will use the funds to further develop its offering that fights online fraud by analyzing profile data, behavioral data and cyber intelligence in real time. Like Riskified , another antifraud software provider hailing from Tel Aviv, Forter protects merchants against chargebacks by guaranteeing every transaction it approves will be fraud-free.
“Since Target’s breach, where 40 million customers’ credit and debit card accounts were illegally accessed, retailers are increasingly looking for a solution that stops fraudsters without hurting good customers and losing revenue in real-time — to not affect the deal flow and user experience — all with a 100 percent guarantee, which is what we’re offering. Forter’s technology, in Target’s instance, would have made it extremely hard for fraudsters to monetize this data in the online space.”
Menlo Park, Calif.-based Sequoia Capital, an investment firm that also backed WhatsApp, which recently sold to Facebook for $19 billion, led the round.