NEW YORK: Forter Ltd is preparing an initial public offering next year that could value the US online fraud prevention company at more than $5 billion, according to people familiar with the situation. Forter has interviewed banks to hire IPO underwriters, the sources said, cautioning that the timing and size of the listing are not certain. They requested anonymity to discuss confidential deliberations.

Forter did not respond to requests for comment. Forter’s revenue has more than doubled over the past year as remote working during the COVID-19 pandemic forced companies to invest more in identity protection and data safety.

Founded in Tel Aviv in 2013 and now based in New York, Forter provides artificial intelligence-trained fraud prevention solutions for online transactions, from retailers to food delivery platforms. It works with major retailers, including Nordstrom and Instacart, and partners with banks such as Capital One . It sells a subscription model and also takes a cut from transactions.

Forter raised $300 million in a private round in May, which valued the company at $3 billion. It counts Tiger Global Management, Sequoia Capital, Bessemer Venture Partners and NewView Capital as its major backers.

Forter has been expanding globally and has more than doubled its headcount in 2021, with offices in London, Tokyo, Singapore and Shanghai. Riskified, a major competitor of Forter, went public in August at $3.3 billion valuation. But its shares have slumped since amid concerns its growth is slowing.