EFTsure, which helps organisations to combat fraud and payment errors, has reportedly raised $2.5m in its latest funding round.
The investment round was led by Australian venture firm Our Innovation Fund, and support from Macquarie Bank former global chief risk officer Stephen Allen, according to a number of media reports.
Proceeds from the round will be used to drive growth of the company including its customer support and sales capabilities. The company will also increase its international payment verification services, the reports state.
EFTsure is an anti-fraud solution which helps companies cope with digital threats around electronic payments. The company offers a compliance automation solution which helps businesses ensure regulatory requirements such as taxable payments reporting system and auditing are handled efficiently.
The company also offers payment protection which matches payee names with BSB and account numbers to ensure the person intended to be paid, is actually paid. It also alerts clients in real-time of any anomalies, and warns against out of range payments of duplicate transactions.
Last year, Our Innovation Fund participated in the $22m Series A round of automated API simulation and remediation platform XM Cybera. The company provides an automated APT simulation platform to continuously expose attack vectors on all fronts of an enterprise.
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