Home » Business » Brisbane Startup Raises $1.6M In Venture Capital Funding – Appoints Chamil Fernando as CEO

Alii set to tackle global invoice fraud head on with the worlds’ first multi-tenant SaaS accounts payable automation & fraud detection platform for schools & law firms. 

Brisbane, Australia, October 2, 2021, Brisbane based startup Alii, is set to expand its presence in the education and legal sector with a successful raising of $1.6M in venture capital funding supported by SeventyTwo Capital. The funds will be used to expand its fast-growing operation in Australia including the appointment of CEO Chamil Fernando, former Chief Operating Officer of Synergetic – one of Australia’s largest school management software platforms.

With a growing list of high-profile schools and law firms as customers, Alii is disrupting the industry as the worlds’ first multi-tenant SaaS product in the accounts payable automation space, making it less expensive, more feature rich and faster to install than traditional solutions. 

Alii also claims to offer clients some of the most advanced fraud detection technology available in Australia. Invoice Fraud has become a major issue being addressed by the public as well as the private sector. As reported recently by the Australian Competition & Consumer Commission, “Australian businesses reported over $14 million in losses to Scamwatch due to payment redirection scams last year, and average losses so far in 2021 are more than five times higher compared to average losses in the same period last year. 

Total losses are much higher as these scams are reported to a range of different organisations. In a payment redirection scam, also known as business email compromise scams, scammers impersonate a business or its employees via email and request that money, which usually is owed to the legitimate business, is sent to a fraudulent account.

During a recent interview, Fernando made these remarks, “I’m excited to be joining Alii as their CEO at such a crucial stage in the business. As Australia’s only true SaaS accounts payable automation product in the market with advanced fraud detection capability, Alii is uniquely placed to create customer success by joining hands with our customers to help and prevent a global battle against invoice fraud. I was also delighted to hear how Alii has helped our existing customers streamline their accounts payable and procurement operations by 97% through use of our product”.

Technology entrepreneur Gordon Tan, who recently helped CSG to a $140m exit, also joins Alii as an Executive Director.

For complete information, visit: https://www.myalii.cloud

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