FinTech entrepreneur Colin Porter has announced the launch of Australian-based PayOK, a B2B SaaS platform designed to combat fraudulent bank payments, a report by Dynamic Business has revealed.
Porter, founder of credit information bureau CreditorWatch, raised $3m in a Series A for the launch of PayOK, at a $10m valuation. The round was led by Nightingale Partners.
According to PayOK, the third largest reported fraud is false billing. Dynamic Business reported that according to the Australian Banking Association, Australians lost more than $850m to scammers, while payment redirection scams cost Australian businesses $128m in 2020.
PayOK offers a range of solutions to combat payment fraud, securely onboard suppliers and meet audit and compliance requirements.
According to Porter, bank payment fraud is a growing risk, “Every business regardless of size, location or industry can fall victim to bank payment redirection, internal fraud and cybercrime.
“I’m applying the same expertise from founding a credit bureau that has helped thousands of businesses get paid and reduce their credit risk, with internal banking knowledge to address payment redirection scams that are internationally becoming a critical issue,” he added.
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