E-commerce fraud prevention provider Forter has secured $30 million in a funding round supported through Scale Venture Partners and its current investors.
Forter, based in Tel Aviv, also added Scale Venture Partners general partner Rory O'Driscoll to its board of directors to help accelerate growth in the U.S. market for its real-time, cloud-based fraud prevention decision service for online merchants.
“The e-commerce fraud ecosystem is constantly evolving, growing and becoming more complex as each day passes,” O'Driscoll said in an April 21 press release. “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 to see.”
Since launching in February of 2014, Forter has received $48 million in funding. Forter has been monitoring U.S. e-commerce fraud since the country's EMV launch late last year, seeking to stop fraudulent shoppers at checkout with the instant-response service. The company also provides retailers with a guarantee against fraud chargebacks.
"It's great to see the enthusiasm surrounding Forter's product and what it can do," said Bill Zielke, chief marketing officer for Forter, which has a marketing and sales office in San Francisco.
"Manual reviews are slow, they confuse and annoy customers, and they lead to lost good sales," Zielke said in the release. "Getting rid of manual reviews with Forter can give a retailer a real boost."