International payments addressing platform iPiD has secured $3.3 million in seed funding and appointed Alain Raes, a former executive at Swift, as its chief commercial officer.
The seed round was backed by multiple investors, including Rapyd Ventures, Jungle Ventures, 1982 Ventures, Resolution Ventures, Saison Capital, the XA Network, and Wing Vasiksiri.
Founded last year, iPiD aims to simplify the cross-border payment experience, reduce instances of failed payments, and prevent fraud through its global bank account validation and proxy addressing service. Based in Singapore, the startup has established a presence in eight countries and has attracted interest from over 20 financial institutions, including Yes Bank in India, CIMB in Malaysia, and GCash in the Philippines.
With Raes on board, the company plans to expand its client base and scale its operations. “The trend towards frictionless payments is unstoppable. It started with domestic transactions and is now progressing to international payments. Our solution can be integrated into any existing payment system, positioning us to support this transformation while utilizing current infrastructure,” Raes stated.
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