In the wake of its recent $2 million Series A capital raise, fintech startup EFTsure has entered into a collaboration agreement with PricewaterhouseCoopers (PwC), for an opportunity to mitigate the risk of electronic payment fraud for a larger pool of businesses.
Founded in 2014, the Sydney-based venture has developed a software platform that validates the integrity of business payment data. Speaking to Dynamic Business in July, co-founder and CEO Ian Mirels explained that EFTsure’s platform mitigates the risk of payment error and fraud – the latter of which costs Australian businesses $700 million per year – by utilising a cloud-based, ‘crowd-sourced’ supplier database that matches payee names to bank account numbers in real-time, at the point of payment.
Mirels caught up with Dynamic Business, this week, to discuss the significance of EFTsure’s deal with PwC and the advantages corporates and startups can derive from collaborating.
DB: How was the collaboration agreement with PwC struck?
Mirels: Our collaboration with PwC came about through an introduction from our lead investor, Our Innovation Fund (OIF), who are our partner in every sense in the word. Just last month, we received a $2m Series A Funding from OIF, which will enable us to scale, drive new sales and marketing programs, address new product functionality and initiatives, and collaborate with corporates such as PwC.
DB: What value will the PwC partnership generate for EFTsure?
Mirels: There is significant value for EFTsure in working with PwC. PwC is one of the world’s most reputable global accounting firms with significant expertise in the areas of payments risk and compliance. As a fintech startup, it is a huge milestone to capture PwC’s attention and be endorsed by them. The firm offers the ideal exposure for our payments protection platform as a solution to businesses who rely on online transactions as their preferred and standard way to make payments.
DB: Conversely, how will PwC advantage from the agreement?
Mirels: PwC may now refer to certain clients our real-time payment verification technology and our payee management solution. In the course of their client advisory role, PwC uses a range of internal as well as third-party tools and service providers such as EFTsure. Our goal is to assist PwC’s clients by mitigating the risk of fraudulent or erroneous electronic business payments in today’s digitised world, where sophisticated fraudsters find ways to take advantage of organisations.
DB: How essential is it for corporates to partner with startups?
Mirels: Corporate and startup collaboration can be extremely advantageous not only to established corporates and startups but to their mutual customers. When you combine new technology innovations with established and trusted companies that have strong customer relationships, it is a win for all parties. For startups, like EFTsure, this can greatly accelerate growth and success, particularly when entering new or global markets. For established companies, like PwC, working with innovative startups allows them to offer additional value to their clients and remain at the leading edge. And for customers, the benefits lie in the ability to adopt these leading-edge solutions in a safe manner.
DB: You’ve raised $2m and partnered with PwC… what’s next?
Mirels: Watch this space! We have some interesting projects in the works which include further channel collaboration, initiatives into new market sectors, and some exciting new product functionality. The great thing about our solution is that the more customers and suppliers we bring onto the EFTsure network, the better for all in terms of reducing payment errors and fraud, as well as in improved business compliance. Our goal is to have every business in Australia on the network, either as a customer, a supplier or both.