Great news for Forter emerged recently, as the company concluded a Series C funding round that brought in $32 million for the company.
With several major investors behind the operation, the best news of all is that the company will be putting that cash to use in a process that keeps all online shopper safer: fighting online fraud.
Forter, who deals in fraud prevention tools, was the first company to ever offer a completely automated decision-as-a-service (DaaS) tool for online merchants.
It worked in real time, and helped provide a note of protection when it came to online shopping by working to approve orders, or stop that approval in the case of online fraud.
With online fraud attacks on the rise—the Global Fraud Attack Index noted attacks were up 215 percent in 2015 as compared to 2014—and new methods coming into play routinely, Forter’s line of solutions were now more important than ever.
The recent funding round saw several investors return, including Sequoia Capital and New Enterprise Associates.
The leader in the round, though, was Scale Venture Partners, whose Rory O’Driscoll is now a part of the board of directors for Forter. O’Driscoll offered comment, saying “The e-commerce fraud ecosystem is constantly evolving, growing and becoming more complex. Forter’s intelligent, fully automated antifraud solution is unique.
Combine real-time, automated fraud prevention decisions with a seasoned executive team and dedicated emphasis on research, and you get a company which is squarely in position to lead the change that online retailers need.
Forter is an exciting addition to the Scale portfolio and we look forward to working with Michael and his team.”
With the new cash in place, Forter will work to expand its product line and make online commerce a safer prospect overall for shoppers and businesses alike.
Already the company’s product line is sufficiently powerful to allow it to grant customers a 100 percent guarantee against fraud chargebacks, so any expansion it can engage in makes it a prospect worth noting.
Anything that an e-commerce operation can do to expand its antifraud systems is worth looking into.
Security has long been a major concern of online shoppers, and being able to provide a safer experience will improve the likelihood of customers coming in and coming back.
That makes Forter’s systems well worth taking a closer look at, and with the new investment behind it, Forter should be able to take an already successful act even farther.
With quite a bit of investment on hand and a market clearly craving what Forter has to offer, this should be a move that proves beneficial all around.
Forter may have a lot of competition to fend off, but it’s got the resources—cash, product and name recognition alike—to make quite a showing in the end.