PwC Australia spin-out Fortiro breaks cover

A software-as-a-service platform used to prevent loan fraud has spun-out of PwC Australia to form a new fintech called Fortiro.

The software-as-a-service platform, previously called PwC Protect, was developed in 2019 as a tool that lenders could use to verify an applicant's financial position and reduce instances of loan fraud.

The platform uses advanced analytics to "scan, analyse and verify payslips and bank statements provided as proof of income or expenses", and to detect alterations or other alleged tampering.

iTnews can reveal that the tool - and the PwC team behind it - have exited the big four accounting firm, and are now operating under the name Fortiro.

"In late 2021, it was recognised that for Protect to continue to scale, it needed to be outside of PwC, and Protect was spun-out from PwC into its own separate entity, Fortiro," the fintech's website states.

"The PwC team who worked on Protect moved to Fortiro to keep looking after the platform and continue to help it grow as did all Protect customers at the time."

A PwC Australia spokesperson told iTnews that six people had left PwC Australia "as part of this transaction.”

“The transaction was carefully planned over 2021 with agreed transition plans implemented, and some of the roles have been replaced,” the spokesperson said.

“Fortiro is a completely separate entity backed by venture capital investment."

PwC Australia indicated it would continue to offer the Protect software to clients.

“We’re excited to work together with Fortiro on future client opportunities," the spokesperson said.

“What we have separated is a SaaS technology rather than our ability to provide services and solve client problems in these areas.

"PwC Australia continues to have strong and deep expertise in fraud prevention and process automation."

It is understood that PwC Australia has no residual stake in or financial connection to Fortiro.

The fintech is backed by OIF Ventures, according to its website.

Representatives of Fortiro could not be reached by iTnews for comment.