Consumers are looking up to a number of Internet Companies to keep them secure online, in light of the recent data breaches. A two year old Israel based startup, Forter has raised USD 15 million in Series B round led by New Enterprise Associates (NEA) and Sequoia Capital, to prevent fraud occurrence in online commerce
“We didn’t really go out and fundraise,” Forter’s founder Liron Damri said. “But, ‘fraud prevention’ is a hot topic and investors have been approaching us. NEA suggested that we skip the hassle of fundraising and work with them and we agreed. This round will allow us to extend wider and faster and take those technology risks that you need in this category.”
As Pandodaily reported, with this new capital the company will be expanding its operations from Tel Aviv to the San Francisco Bay Area, where the company will soon open a sales and account services office. In March this year, Forter had secured USD 3 million in Series A and including this latest round, it has received a total capital of USD 18 million, till date.
The company delivers real time fraud prevention solution for online merchants. Founded in 2013 by three Fraud Sciences veterans- Liron Damri, Alon Shemesh and Michael Reitblat. In 2008 Forter acquired by Paypal for USD 169 million. It also delivers a simple approve/decline answer for every transaction in real-time, and if it’s false, the merchant will not be responsible for paying the fees associated with the ensuing charge back.