Forter Nets $32 Million in Series C Investment
April 21, 2016
Antifraud technology provider Forter today revealed it has closed a $32 million Series C round of funding led by Scale Venture Partners. Previous Scale investments include DocuSign and HubSpot.
Forter is one of a small vanguard of new companies in the card-not-present fraud space based in Israel with ties to a company called Fraud Sciences that was acquired by PayPal in 2008. Merchants can automate their fraud processes using Forter’s technology by letting the Tel Aviv-based company analyze their entire transaction volume and deliver a simple accept/decline decision in real time on each one rather than a risk score merchants factor into a decision they make on their own. Forter then backs that decision up with a guarantee that it will cover a merchant’s chargeback costs on any transaction it approved that turned out to be fraudulent.
Forter will put the cash infusion to work expanding sales and marketing efforts in the U.S., Bill Zielke, the company’s chief marketing officer, told CardNotPresent.com. In addition, Zielke said, “a significant chunk of the money will go back into our R&D efforts in Tel Aviv to continue to bolster the strength of our system.”