iPiD co-founder and CEO Damien Dugauquier
iPiD (International Payment Identity), a Singapore-based startup offering payee verification and identification solutions, has secured US$5.3 million in a pre-Series A funding round led by Monk’s Hill Ventures.
New backers Quona Capital, QED Investors, and existing partners Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures also joined.
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The new funds will be used to develop new products that prevent payments-related fraud and intensify iPiD’s focus on strategic markets such as 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.
Additionally, this funding will support the commercial rollout of iPiD’s solutions in Europe, particularly aiding financial institutions in complying with the upcoming Verification of Payee regulation, which will be enforced by 2025.
Damien Dugauquier, CEO and Founder of iPiD, said: “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.”
In 2022, cross-border payment flows reached about US$150 trillion, a 13 per cent increase from 2021 and are expected to continue expanding. iPiD aims to capitalise on this opportunity by providing a secure payment environment that reduces fraud risks and payment failures and enhances the customer experience.
Founded in 2021 by a team of former Swift executives, iPiD is a fintech company aiming to enhance the security and convenience of global payments. Its flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details. This solution enhances customer experience and combats authorised push payment (APP) fraud.
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iPiD is present in the US, the UK, the Netherlands, Belgium, France, the UAE, India, Malaysia, and Vietnam.
The company claims it serves customers across six continents and offers a global validation network covering over 2.8 billion accounts and 6,000 banks.
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