International payments addressing platform iPiD has raised $3.3 million in seed funding and brought in former Swift executive Alain Raes as chief commercial officer.
Rapyd Ventures, Jungle Ventures, 1982 Ventures, Resolution Ventures, Saison Capital, the XA Network and Wing Vasiksiri joined the seed round.
Founded last year, iPiD promises to help market participants simplify the cross-border payment experience, reduce failed payments and prevent fraud attempts with its global bank account validation and proxy addressing service.
The Singapore-based startup has already built up a presence in eight countries and says that more than 20 financial institutions - including India's Yes Bank, Malaysia's CIMB, and Philippines-based GCash - have "signalled their intent" to use its technology.
The firm has brought in industry veteran Raes to continue winning clients and scale the business.
"The trend towards frictionless payments is unstoppable. It began in the domestic space and is moving to international payments. Because our solution can be integrated into any existing payment system, we are perfectly placed to support that transformation while leveraging existing infrastructure," says Raes.
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