Forter and Flutterwave Collaborate To Accelerate e-Commerce Growth in Africa and Beyond
Forter and Flutterwave
Forter, the market leader in preventing e-commerce fraud, announced a collaboration with Flutterwave, Africa's leading payments technology firm. The collaboration, which is the first of its kind in Africa, would allow merchants to differentiate legitimate buyers from fraudsters accurately, resulting in increased transaction approvals and decreased friction in the buying experience, all without fear of fraud.
Flutterwave is Africa's largest payment service provider, having served over 290,000 companies and processed over 140 million transactions worth over $USD 9 billion globally since its inception. The collaboration with Forter gives retailers the confidence to allow more purchases while also providing online shoppers the option of using alternative payment methods in addition to conventional methods such as credit cards.
Attracting, converting, and retaining new users is critical, as Forter's research indicates that the number of new online users has more than doubled since the start of COVID-19. However, new users are five to seven times more likely to be rejected by legacy fraud prevention systems due to a lack of data on these new users. It jeopardizes retailers' vital repeat business opportunities.
“We are ecstatic about this collaboration and our entrance into the African market. Flutterwave now has access to Forter's global alliance of retailers, payment providers, and banks battling fraud on a global scale, leveraging our AI and machine learning technologies to help promote e-commerce growth in a market with enormous potential,” said Forter CEO Michael Reitblat. “At the same time, working with a market leader like Flutterwave enables us to provide its consumers with the best possible user experience and a secure atmosphere in which they can evolve confidently.”
Olugbenga 'GB' Agboola, Co-Founder and CEO of Flutterwave, said in response to the announcement: "At Flutterwave, we take security very seriously. Each transaction on our platform is safe, exceeding industry standards in some cases. Through our collaboration with Forter, we are able to realize our vision of frictionless trade in Africa. Our merchant network will concentrate on critical business operations and growth opportunities while being confident that our customers are secured from fraud.
"We will further enhance our commitment to fraud detection and protection by leveraging Forter's ability to immediately recognise legitimate customers. This enables our customers to increase the amount of transactions accepted, extend their business operations into new markets, and create brand loyalty by delivering an optimal, seamless, and trustworthy user experience.” says CEO of Flutterwave.
About Flutterwave
Flutterwave is a payments technology company that enables companies worldwide to expand into Africa and other developing markets through a platform that facilitates cross-border transactions through a single API. Flutterwave has handled over 140 million transactions totaling over USD $9 billion to date and supports over 290,000 companies, including Uber, Flywire, and Booking.com. The company's primary benefit is that it processes international payments in 150 currencies and accepts various payment methods, including local and international cards, mobile wallets, bank transfers, and Flutterwave Barter. Flutterwave operates in over 33 African countries, including Nigeria, Uganda, Kenya, and South Africa.
About Forter
Forter is the market leader in e-commerce fraud protection, having processed over $200 billion in online commerce transactions and safeguarding close to a billion customers worldwide against credit card fraud, account takeover, and identity theft. The company's identity-based fraud prevention solution continuously monitors for fraudulent behavior through all online customer interactions.
Forter's integrated fraud prevention platform is fueled by its increasingly increasing Global Merchant Network, which is backed by predictive fraud analysis and modeling and the ability for customers to customize the platform to their individual needs. As a result, Fortune 500 companies such as Sephora, Nordstrom, Instacart, and Priceline rely on Forter to offer excellent precision, a more seamless user experience and increased revenue at a significantly lower rate. Frost & Sullivan recently called Forter the Leader in e-Commerce Fraud Prevention.
Forter has raised over $200 million in funding from top-tier venture capital firms, including Sequoia, Bessemer, Scale, and Salesforce.
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