Founded by a team of former Swift executives, iPiD (International Payment Identity) has secured $5.3 million to launch its Confirmation of Payee product across Europe.
The oversubscribed pre-Series A round was led by Monk’s Hill Ventures, an early-stage tech-focused venture capital firm, with contributions from global fintech funds including QED Investors and Quona Capital, in addition to existing partners such as Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures.
Established in 2021 and headquartered in Singapore, iPiD’s flagship solution, Validate, addresses the growing challenges of fraud and failed payments in the payment sector by verifying payee names and bank account information. The company boasts a global validation network that spans six continents, encompassing over 2.8 billion accounts and 6,000 banks across the United States, United Kingdom, Netherlands, Belgium, France, United Arab Emirates, India, Malaysia, and Vietnam.
The new funding will be directed toward accelerating the rollout of iPiD’s Verification of Payee products in Europe, particularly in aiding payment service providers (PSPs) comply with forthcoming regulations slated for implementation by October 2025. iPiD offers an integrated solution able to handle IBAN verification requests from thousands of PSPs throughout Europe.
iPiD CEO and founder Damien Dugauquier stated, “This investment empowers us to tackle the pressing challenges in the payment industry—enhancing security and simplifying compliance. By advancing our validation technologies, we’re not just responding to regulatory demands, we’re actively enhancing trust and efficiency in global payment ecosystems increasingly targeted by fraudsters.”
Additionally, Dugauquier noted plans to strengthen the company’s presence in Asia, with a specific focus on Southeast Asia, where iPiD already has a significant team and operational base.
Last year, iPiD was recognized as the 2023 Fintech Zone winner at the annual EBAday payments conference, surpassing 16 early-stage fintech startups.
EBAday 2024 will take place in Lisbon on June 18-19, featuring over a hundred banks and more than 50 technology vendors. Registration is available here.