IPID Secures $16 Million to Enhance Payment Intelligence Amid Growing Global Challenges
In a significant move to advance payment intelligence, IPID has successfully secured $16 million in a Series A funding round. The round, chiefly led by Foundation Capital, saw participation from major players like Citi and HSBC, among other strategic investors such as QED Investors and Monk's Hill Ventures. This funding boost will support IPID’s mission to provide financial institutions with the capability to understand who they are paying and assess the risks involved.
Digital payments have become increasingly swift and seamless, yet the information required to evaluate these payments hasn't kept pace. Institutions often lack crucial details about the recipients of transactions, which is essential for assessing risks before money is transferred. This gap places the burden on senders, who may themselves become targets of fraud. Industry data predicts that losses from Authorized Push Payment (APP) fraud could escalate to a staggering $331 billion globally by 2027, according to LSEG.
Positioned as a leading global provider of bank account verification, IPID caters to major financial institutions across more than fifty countries. The funding will enable IPID to extend its platform and apply its expertise in fragmented payment markets to enhance American payments and digital assets. This will empower institutions to make informed decisions prior to transferring funds.
"Every payment commences with a critical decision, often made with incomplete data," stated Damien Dugauquier, co-founder and CEO of IPID. "We initiated the global resolution for bank account verification, and now we are building broader decision-making intelligence for institutions needed before funds get transferred - across all countries, payment rails, and forms of value. The future of payments will not be defined merely by moving money faster but by making better decisions before the money changes hands."
The growth of IPID has established it as a global standard for verifying bank accounts and intelligence, a remarkable feat achieved outside the traditional banking consortium realm. As Zach Noorani, partner at Foundation Capital, emphasized, IPID is uniquely positioned to assist financial institutions and payers worldwide in combating fraud and streamlining payment processes.
With real-time payments gaining traction, processes becoming more automated, and AI agents initiating transactions, the information that institutions require before executing a payment remains dispersed. IPID addresses this blind spot, helping institutions identify who is behind the receiving account before the transaction finalizes.
In today’s digital and interconnected financial landscape, immediate and ultra-secure payment validation is crucial. Citi’s Global Head of Partnerships and Innovation, Bis Chatterjee, expressed enthusiasm regarding the partnership with IPID, which will enhance customer experiences as they continue to optimize international operations with confidence.
HSBC's Global Head of Currency Clearing, Tom Simpson, mentioned that the collaboration with IPID enhances the validation of beneficiaries beyond local scheme requirements, offering clients greater insights during payments. This will elevate efficiency and security in an increasingly dynamic payment ecosystem.
The proceeds from the funding will go towards deepening IPID’s global payment intelligence network, accelerating growth in the US and Europe, and developing new capabilities. This expansion will enable institutions to make more informed decisions and streamline payment operations before funds move through American payment rails, stablecoins, and digital assets.
About IPID: IPID provides decision intelligence for banks, PSPs, platforms, and enterprises involved in monetary exchanges. Throughout the payment lifecycle, IPID assists organizations in verifying beneficiaries, assessing fraud risks, ensuring regulatory compliance, and enriching payment data. This fosters assurance, control, and security while minimizing fraud, operational costs, and improving customer experiences. For more information, visit www.ipid.tech.
Digital payments have become increasingly swift and seamless, yet the information required to evaluate these payments hasn't kept pace. Institutions often lack crucial details about the recipients of transactions, which is essential for assessing risks before money is transferred. This gap places the burden on senders, who may themselves become targets of fraud. Industry data predicts that losses from Authorized Push Payment (APP) fraud could escalate to a staggering $331 billion globally by 2027, according to LSEG.
Positioned as a leading global provider of bank account verification, IPID caters to major financial institutions across more than fifty countries. The funding will enable IPID to extend its platform and apply its expertise in fragmented payment markets to enhance American payments and digital assets. This will empower institutions to make informed decisions prior to transferring funds.
"Every payment commences with a critical decision, often made with incomplete data," stated Damien Dugauquier, co-founder and CEO of IPID. "We initiated the global resolution for bank account verification, and now we are building broader decision-making intelligence for institutions needed before funds get transferred - across all countries, payment rails, and forms of value. The future of payments will not be defined merely by moving money faster but by making better decisions before the money changes hands."
The growth of IPID has established it as a global standard for verifying bank accounts and intelligence, a remarkable feat achieved outside the traditional banking consortium realm. As Zach Noorani, partner at Foundation Capital, emphasized, IPID is uniquely positioned to assist financial institutions and payers worldwide in combating fraud and streamlining payment processes.
With real-time payments gaining traction, processes becoming more automated, and AI agents initiating transactions, the information that institutions require before executing a payment remains dispersed. IPID addresses this blind spot, helping institutions identify who is behind the receiving account before the transaction finalizes.
In today’s digital and interconnected financial landscape, immediate and ultra-secure payment validation is crucial. Citi’s Global Head of Partnerships and Innovation, Bis Chatterjee, expressed enthusiasm regarding the partnership with IPID, which will enhance customer experiences as they continue to optimize international operations with confidence.
HSBC's Global Head of Currency Clearing, Tom Simpson, mentioned that the collaboration with IPID enhances the validation of beneficiaries beyond local scheme requirements, offering clients greater insights during payments. This will elevate efficiency and security in an increasingly dynamic payment ecosystem.
The proceeds from the funding will go towards deepening IPID’s global payment intelligence network, accelerating growth in the US and Europe, and developing new capabilities. This expansion will enable institutions to make more informed decisions and streamline payment operations before funds move through American payment rails, stablecoins, and digital assets.
About IPID: IPID provides decision intelligence for banks, PSPs, platforms, and enterprises involved in monetary exchanges. Throughout the payment lifecycle, IPID assists organizations in verifying beneficiaries, assessing fraud risks, ensuring regulatory compliance, and enriching payment data. This fosters assurance, control, and security while minimizing fraud, operational costs, and improving customer experiences. For more information, visit www.ipid.tech.
Topics Financial Services & Investing）
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