IPID Raises $16 Million Series A Round to Address Payment Fraud and Verification Gaps
IPID, a payment intelligence company helping financial institutions verify who they are paying, has raised $16 million in a Series A funding round led by Foundation Capital. Strategic investors Citi and HSBC also participated, along with existing backers QED Investors, Monk's Hill Ventures, and Quona Capital. The financing aims to address growing concerns around payment fraud and verification gaps as digital payments become faster but less transparent. IPID provides bank account verification services in over 50 countries and plans to expand its platform into U.S. markets and digital assets. The company emphasizes the need for better decision-making before funds are transferred, especially with rising risks like authorized push payment (APP) fraud. According to LSEG data, APP fraud alone is projected to cause $331 billion in losses globally by 2027. IPID’s solution helps institutions verify recipients and assess risk pre-transaction, reducing exposure to fraud and improving operational efficiency.
Tickers: $HSBC
Topics: Citi financiering Foundation Capital HSBC Series A