IPID, a payee verification network, has raised $16m in a Series A funding round led by Foundation Capital.
Citi and HSBC participated in the raise. Existing investors QED Investors, Monk’s Hill Ventures and Quona Capital also joined the round.
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The company’s platform is focused on payment intelligence and bank account verification. IPID says it helps institutions identify who is receiving a payment and assess risk before funds are sent.
In a statement, the company said it supports “major financial institutions” in more than 50 countries.
As real-time payments expand and new payment rails emerge, institutions can face fragmented pre-payment information across markets and providers. IPID said it aims to address that “blind spot” by helping institutions understand who sits behind a receiving account before a payment becomes final.
IPID co-founder and CEO Damien Dugauquier said: “Every payment starts with a decision, but institutions are often making that decision with incomplete information.
“We started by solving bank account verification globally. We are now building the broader decision intelligence that institutions need before funds move – across countries, payment rails and forms of value.
“The future of payments will not be defined simply by moving money faster. It will be defined by making better decisions before money moves.”
Foundation Capital partner Zach Noorani said: “IPID has rapidly become the global standard for bank account verification and intelligence.
“It’s quite a feat for something like this to develop outside of a bank consortium and makes IPID uniquely well-positioned to help financial institutions and payors globally fight fraud and streamline payment operations.”
IPID said it will use the funding to expand its payment intelligence network and accelerate growth in the US and Europe.
The company also plans to develop new capabilities designed to help institutions “make more informed decisions and streamline payment operations” before funds move across US payment rails, stablecoins and digital assets.
