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.

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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.”

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.”