Fraud fighting platform secures additional $2.5m funding
Australian fintech company, eftsure, has secured an additional $2.5 million in funding to accelerate its growth and meet the demand for its protection platform that tackles electronic payments fraud.
This funding round was led by leading Australian venture capital firm, Our Innovation Fund, LP (OIF). OIF previously backed eftsure in its earlier investment rounds.
Cybercrime, in particular business email compromise scams, are on the increase and evolving faster than most accounting and enterprise resource planning software technologies.
Businesses are struggling to keep up, let alone stay ahead, of the sophisticated social engineering used to infiltrate businesses, access email systems and supplier information, ultimately to deceive and defraud a targeted company. In 2018 alone, Australian businesses lost $1 billion in direct costs alone to cyber-crime, including payment fraud.
Founded in 2014 by a team of banking technology and finance professionals, Ian Mirels, Mike Kontorovich and Mark Chazan, eftsure provides a Know Your Payee (KYP) software solution, and it provides businesses with rich data on suppliers in real-time, before they pay the wrong supplier.
“Cybercrime targeted at businesses is fuelled by a perfect storm of e-mail usage, social engineering and gaps in payment systems. The result is that businesses aren’t paying who they think they’re paying. This is what’s driving demand for our solution and we’re excited that this new round of investment will enable us to meet that demand,” says Kontorovich.
The funding will be used across all areas of the business including expanded customer support and sales functions. In particular, eftsure will be expanding the product suite to cover international payment verification.