All the news, tactics and scams for finance leaders to know about in November 2023.
Payment Security 101
Learn about payment fraud and how to prevent it
Leading B2B SaaS payment protection platform Eftsure attracts significant investment from global private equity group Level Equity
Sydney-based Eftsure, Australia’s leading payment protection and vendor verification platform announced today that it has raised a new round of capital from Level Equity, a leading global growth equity investment manager focused on partnering with expanding growth businesses.
Trusted by over 500 of Australia’s leading businesses to prevent payment fraud, Eftsure provides payment protection and digital financial control solutions throughout the entire ‘procure to pay’ lifecycle.
Powered by an extensive, unique, and proprietary database of more than 2 million businesses, Eftsure’s solution enables customers to verify their payees’ account name, number and BSB in real-time.
Following a period of sustained and significant growth, the Board of Eftsure earlier this year appointed Monash Advisory to source a strategic partner to accelerate and capitalise on the Company’s potential by expanding its anti-fraud platform. With US$2.7 billion of committed growth capital, Level Equity’s strategic partnership with Eftsure follows previous investments in fast-scaling Australian technology businesses, including simPRO, Accelo and Instaclustr.
Commenting on the deal, Level Equity Founder and Co-CEO, Ben Levin said: “We are thrilled to partner with Eftsure and welcome them into the Level Equity family. We have a long track record of success in the region and think Eftsure has immense long-term potential.” Gautam Gupta, Level Equity principal who is also joining Eftsure’s board of directors added: “Eftsure has developed a unique solution to a massive and challenging global problem, with broad applicability across industries and geographies. We were impressed by the capabilities of the products that have allowed them to build such trusting and deep customer relationships and driven years of triple-digit growth rates. We look forward to supporting continued growth to deliver exceptional value to Eftsure’s existing customers and to further expanding the products’ reach in Australia and abroad.”
Australian organisations lost more than A$120 million in 2020 to Business Email Compromise (Payment Redirection) scams. A key aspect of these scams is that fraudsters impersonate a vendor via email or other means, then attach that vendors identity to the fraudsters bank account. Eftsure’s solution neutralises this growing risk by enabling customers to ensure their payees’ account name, number and BSB all match.
Eftsure CEO Mike Kontorovich said: “Level Equity’s investment capital, network and technical skills will help achieve our vision of being the digital security standard for B2B payments. The partnership will allow us to focus on expanding the capabilities of our platform and support investment in marketing and distribution to scale the delivery of our service.”
Eftsure’s early venture capital investors, Our Innovation Fund (OIF), remain material shareholders as do the Executive Management team. Jerry Stesel, OIF partner and Eftsure director commented: “It is inspiring to see what the Eftsure founders and team have achieved in a relatively short space of time. Having backed the team at the seed stage to now seeing them partner with Level Equity on a large growth round, we couldn’t be more thrilled for the team. Working closely with Level Equity at another of our portfolio companies, Instaclustr, we know that Level Equity are exceptional investors and partners and will help take the business to the next level.”
Eftsure was advised by Monash Advisory.
Headquartered in Sydney, Australia Eftsure is an Anti-Fraud-Technology businesses with a Know Your Payee solution (KYPTM) which provides real-time payment protection and vendor verification services to leading Australian businesses in every sector of the economy.
For more information about eftsure in the news visit https://eftsure.com/in-the-news/
About Level Equity
Level Equity is a leading global growth-oriented investment manager with offices in New York and San Francisco. Level Equity currently has assets under management of over US$2.7 billion in growth equity and credit funds invested across software, data services, internet, and media sectors.
For more information visit www.levelequity.com
 Australian Competition and Consumer Commission, ‘Targeting Scams: Report on the ACCC on scams activity 2020’, June 2021.
With cybercrime on the rise, it’s critical to know what finance leaders are (and aren’t) doing to protect their organisations from digital …
End-to-end B2B payment protection software to mitigate the risk of payment error, fraud and cyber-crime.