IPID Raises $16 Million in Series A Funding to Address Global Payment Verification Gaps
IPID, a payment intelligence company focused on helping financial institutions identify the beneficiaries of their payments, has raised $16 million in a Series A round led by Foundation Capital. Strategic investors Citi and HSBC also participated, alongside existing backers QED Investors, Monk's Hill Ventures, and Quona Capital. The funding aims to address growing challenges with real-time digital payments where critical verification data lags behind transaction speed. Institutions often lack sufficient information about payment recipients or risk before sending funds, leaving them vulnerable to fraud. According to LSEG, authorized push payment fraud alone could cause $331 billion in global losses by 2027. IPID plans to expand its platform into the U.S., leveraging expertise from fragmented markets to tackle digital payments and assets globally. The company provides verification services for over 50 countries and aims to equip institutions with better decision-making tools before fund transfers, regardless of location or payment method.
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Topics: fraud prevention investment payments startup