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Sydney-based payment fraud prevention platform Eftsure is merging with France-based Sis ID in a move that immediately boosts the Australian company's client base by 25 per cent and extends its reach in Europe.
Eftsure claims the merger will position it as as the world’s largest business payment protection platform at a time of heightened risks in the payments sector.
Through the agreement, Eftsure’s main investor Level Equity has acquired Sis ID to merge the business into the Eftsure brand over the next year servicing clients in Australia, New Zealand, the US, Europe, China and India.
Eftsure says the merger brings together more than 20 years’ experience of business payment fraud prevention and grows its customer base from 2,800 to more than 3,500 organisations with support offices across Australia, the US and France.
The merger positions the group to service more large enterprises, especially those that manage global supply chains.
Eftsure says the merger leverages growing demand by businesses to minimise vulnerabilities in a “heightened risk environment”.
The company points to monthly customer data showing the largest ever volume of known fraud attempts since Eftsure was founded in 2014, as well as data from the Australian Competition and Consumer Commission which reports that payment redirection scams rose 67 per cent in 2024 leading to losses totalling $153 million.
“Fraud tactics are increasingly sophisticated and difficult to detect, with cybercriminals using artificial intelligence tools to produce realistic fake documents and target businesses at scale,” says Eftsure CEO Jon Soldan.
“Eftsure and Sis ID share the common goal of preventing these fraudsters from getting a payout.
“Combining our resources means we’ll be able to verify more vendors and protect more payments in more markets around the world, all while keeping pace with a rapidly evolving threat landscape.”
Financial details of the merger have not been disclosed but the move will bring Eftsure’s global team of 294 together with Sis ID’s team of 80.
The company, which is led by co-founder Laurent Sarrat, is specifically designed for businesses in line with Eftsure's business model. The company enables organisations to ensure they’re making payments to the right supplier and the correct bank account while also detecting and staying ahead of fraud attempts.
Eftsure, which last year safeguarded more than $288 billion in B2B payments, has now protected about $840 billion in payments since inception.
Sarrat, the CEO of Sis ID, says the merger makes sense as both organisations are focused on helping businesses to build cross-border defences.
“Cybercrime is a global problem and it demands global solutions,” he says.
“Sis ID and Eftsure share a common mission to create collaborative cybercrime solutions that enable business leaders to focus on other priorities.
“Sis ID has been working for years to deliver global coverage and verify as many payments as possible. Together with Eftsure, we’re well-positioned to offer guaranteed protection for every payment in every market.”
Eftsure was founded by Ian Mirels, Mark Chazan and Mike Kontorovich in 2014, with the trio boasting backgrounds in finance and banking-tech.
Chazan was CEO of Eftsure until the US-based Soldan assumed the global CEO’s position just this year.
“Finding a company so closely aligned in values and vision is rare,” says Soldan of the Sis ID merger.
“We share the same perspective on fraud prevention, operational excellence, and what the industry needs to progress. We’re incredibly excited about our shared future and our commitment to serving customers on a global scale.”
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