IPID Secures $16 Million to Address Critical Global Payment Blind Spots

In a strategic move to tackle increasingly significant issues in real-time payment verification, IPID, a company specializing in payment intelligence, has successfully raised $16 million in a Series A funding round. This round was led by Foundation Capital, with participation from notable investors such as Citi and HSBC. Existing investors, including QED Investors, Monk's Hill Ventures, and Quona Capital, also contributed to this substantial funding effort.

As the universe of digital payments evolves, the need for reliable verification systems has become paramount. Institutions often face challenges in determining the recipients of their transactions and assessing associated risks. Notably, the responsibility often falls on the sender to verify the identity of the recipient, which can result in vulnerabilities and increased fraud risks. According to figures from LSEG, payment fraud linked to authorized transfers is projected to lead to $331 billion in global losses by 2027.

IPID has positioned itself as a key provider of bank account verification services, serving major financial institutions across over 50 countries. The company is poised to expand its platform, leveraging its expertise in fragmented payment markets to address both payments and digital assets in the United States. By doing so, IPID aims to equip institutions with the necessary insights to make informed decisions prior to fund transfers.

Damien Dugauquier, co-founder and CEO of IPID, emphasized, "Every payment begins with a decision, but institutions often base this decision on incomplete information. We started with a global bank account verification system and are now working on comprehensive decision-making tools that institutions require before any fund transfer, regardless of the country or payment channel. The future of payments is not just about speeding up transactions; it involves making better decisions before the money is moved."

As transaction processing gains speed and automation with the rise of real-time payments, new infrastructures, and AI-driven transaction initiators, the information needed by institutions remains scattered across various markets, providers, and payment channels. IPID seeks to bridge this gap by enabling institutions to accurately identify account holders before transactions are finalized.

"In a progressively digital and interconnected financial landscape, having a highly secure and instant payment validation system is vital. Our strategic alliance with IPID has been solidified through our participation in their Series A funding round. We are excited about IPID's ability to offer seamless, high-performance experiences globally that help our clients continue optimizing their international operations with confidence," stated Bis Chatterjee, Citi's Global Head of Partnerships and Innovation for its Services Division.

Tom Simpson, Global Head of Foreign Exchange Operations and North America Regional Head of Cross-Border Payments for HSBC, added, "The partnership between HSBC and IPID enables the validation of beneficiaries beyond local system requirements, providing more information to our clients during payment execution. This can enhance efficiency and reliability in a dynamically changing payment ecosystem."

IPID plans to utilize these funds to enhance its global payment intelligence network, accelerate growth in the U.S. and Europe, and develop new features that empower institutions to make better decisions and streamline their payment operations before funds traverse through American payment networks, stablecoins, and digital assets.

About IPID

IPID is a decision intelligence provider for banks, payment service providers (PSPs), platforms, and businesses executing money transfers. Throughout the payment lifecycle, IPID helps institutions verify beneficiary identities, assess fraud risk, meet regulatory obligations, and enrich payment data. This not only ensures security and control but also reduces fraud and operational costs, leading to an enhanced customer experience. For more information, please visit www.ipid.tech.