Payments startup nsKnox has raised $15m in a Series A funding round led by Viola Ventures and Microsoft’s venture fund M12.

Viola and M12 were joined by Israel Discount Bank’s investment unit Discount Capital, as well as former seed investors.

nsKnox was established in 2016 by ex-CyberArk CEO Alon Cohen. It has branches in Boston, Massachusetts, and Tel Aviv, Israel.

The real-time corporate payment protection platform of the business is designed to combat cyber-fraud and data manipulation.

nsKnox plans to use the new capital to enhance its payment platform and bolster customer base.

M12 principal Lior Litwak said: “nsKnox’s corporate payment solution solves a critical business issue at scale, saving businesses the time, money and headache that result from fraudulent threats.”

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By GlobalData

In announcing the latest development, the payments firm cited a report by the Association for Financial Professionals.

The report found 78% of companies affected by payment fraud in 2017.

nsKnox CEO Nir Tenzer said: “nsKnox is bringing corporate payment protection into the digital age, arming companies in the battle against payment fraud, manipulation and cybercrime.

“The backing of M12 and Viola Ventures is a tremendous vote of confidence in our ability to protect organisations worldwide and help them tackle this incredibly costly issue.”