International Payment Identity (iPiD), a Singapore-based fintech company, announced a $5.3 million Pre-Series A financing round. According to iPiD, Monk’s Hill Ventures led this oversubscribed round.
Global fintech venture funds Quona Capital and QED Investors join Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures in the round. This money will expedite iPiD’s global payment security initiatives, the announcement said.
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The fresh funding will be used to build new payment fraud prevention technologies and to focus iPiD on strategic markets like Asia, notably Southeast Asia where it already has a large staff and operations.
One of the largest remittance-receiving regions with strong economies, this region is crucial. This investment will also boost it’s commercial rollout in Europe, helping financial institutions comply with the 2025 Verification of Payee rule.
Former Swift executives founded it in 2021 to provide cutting-edge payee verification and identification solutions. It improves global payment security and convenience.
Cross-border payment flows surpassed $150 trillion in 2022, up 13% from 2021, and are likely to grow. It’s solution takes advantage of this opportunity by providing a secure and smooth payment environment that decreases fraud and payment failures and improves user experience.
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Singapore-based iPiD operates in the US, UK, Netherlands, Belgium, France, UAE, India, Malaysia, and Vietnam. Validate, the company’s flagship product, confirms payee names and bank account details to combat payment fraud and missed payments.
This approach improves client experience and fights APP fraud. Its global validation network covers over 2.8 billion accounts and 6,000 banks on six continents.
About iPiD
The mission of iPiD, a fintech start-up with venture capital backing and rapid growth, is to expedite, secure, and simplify international payments.
