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Payment identity network iPiD secures $5.3 million funding round

Payment identity network iPiD secures $5.3 million funding round

Founded by a team of former Swift executives, iPiD (International Payment Identity) has raised $5.3 million to roll out a Confirmation of Payee product across Europe.

The oversubscribed pre-Series A round was led by early stage tech-focused venture capital firm, Monk’s Hill Ventures, with participation from global fintech venture funds QED Investors and Quona Capital, alongside existing partners Jungle Ventures, 1982 Ventures, Saison Capital and Resolution Ventures.

Founded in 2021 and based in Singapore, iPiD's flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details.

The company serves customers across six continents and offers a global validation network covering over 2.8 billion accounts and six thousand banks in the United States, United Kingdom, the Netherlands, Belgium, France, the United Arab Emirates, India, Malaysia, and Vietnam

These new funds will be utilized to accelerate the commercial roll-out of iPiD’s Verification of Payee products in Europe. This includes assisting payment service providers (PSPs) in complying with the upcoming regulations that will be introduced by October 2025. IPiD provides an all-in-one node capable of responding to and requesting IBAN verification with thousands of PSPs across Europe.

IPiD CEO and founder Damien Dugauquier, says: “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."

He says the firm also plans to intensify its focus on Asia, including Southeast Asia where it already has significant team presence and operations.

IPid last year beat 16 early stage fintech startups to emerge as the 2023 Fintech Zone winner at the annual EBAday payments conference run by Finextra and Euro Banking Assocation.

EBAday 2024 is taking place in Lisbon on 18-19 June, featuring over a hundred banks and 50+ technology vendors. Registration is available here.

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