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iPiD secures $5.3m in Pre-Series A round to strengthen global payments

By Gloria Mathias

June 05, 2024

  • fintech newws
  • FinTech solutions
  • Global Payments
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iPiD, International Payments identity, fintech newws, fintech solutions, Global Payments, Secure Payments, Payments security, Fintech Solutions, iPiD (International Payment Identity) has secured $5.3 million in a pre-Series A funding round. This oversubscribed round was led by Monk’s Hill Ventures, an early-stage tech-focused venture capital firm.

They are joined by global FinTech venture funds QED Investors and Quona Capital, alongside existing partners Jungle Ventures, 1982 Ventures, Saison Capital and Resolution Ventures. This funding will accelerate iPiD’s efforts to enhance payment security globally, with a focus on strategic markets like Europe and Asia.

Founded in 2021 by a team of former Swift executives, iPiD provides payee verification and identification solutions. It is aimed at enhancing the security and convenience of global payments.

These new funds will be utilized to accelerate the commercial rollout of iPiD’s Verification of Payee solutions in Europe. This includes assisting payment service providers (PSPs) in complying with the upcoming Verification of Payee regulation, which will be instated by October 2025. iPiD provides an all-in-one node capable of responding to and requesting IBAN verification with thousands of PSPs across Europe.

“I am proud to see the support of prominent and influential investors like Monk’s Hill Ventures, Quona Capital and QED Investors,” said iPiD CEO and Founder Damien Dugauquier. “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.”

iPiD also plans to intensify its focus on Asia, including Southeast Asia, where it already has a significant team presence and operations. This region is pivotal as one of the largest remittance-receiving regions, supported by vibrant economies.

Susli Lie, Partner at Monk’s Hill Ventures said, “iPiD is uniquely positioned to tackle the problem of failed payments, estimated at $118.5billion, which plagues financial institutions worldwide. Cross-border money flow issues also disproportionately affect recipients in countries that lack robust financial infrastructure; we’re excited to work with iPiD to address these gaps and improve the global payment landscape.”

 

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