Eftsure, an Australian fintech company that provides confirmation of payee software to businesses to protect against authorised push payment fraud in the B2B sector, has raised $2.5 million in funding.
Established in 2014, the eftsure software suite verifies supplier bank account details and compliance information at or prior to the point of payment. Its customers include ASX-listed enterprises, local and state governments, not for profits, hospitals, schools and small to medium businesses across Australia.
The firm claims to have protected over $6 billion in electronic payment transactions since inception.
Co-founder and CEO Mike Kontorovich says: “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. Our solution seamlessly overlays a customer’s existing internet banking portal and doesn’t require any IT integration.”
The funding round was led by Australian venture capital firm Our Innovation Fund, which previously backed eftsure in its earlier investment rounds.
Other investors joining the round also include Stephen Allen, former global chief risk officer with Macquarie Bank.
Allen says: “I’m excited about the application of fintech to risk management and exploring how to apply my experience in that sphere. The National Payment Platform is accelerating the issue and in eftsure I saw an elegantly simple but extremely powerful solution to a pervasive and growing problem."