iPiD Closes Oversubscribed USD 5.3 Million Pre-Series A Round

  • Fundraising News
  • 05.06.2024 11:30 am

iPiD (International Payment Identity), a pioneer in global fintech, announced it has secured USD 5.3 million in a Pre Series A funding round today. This oversubscribed round was led by early stage tech-focused venture capital firm, Monk’s Hill Ventures. 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 cutting-edge payee verification and identification solutions. It is aimed at enhancing the security and convenience of global payments. In 2022, cross-border payment flows reached about USD 150 trillion, a 13% increase from 2021, and are expected to continue to expand. iPiD’s technology capitalizes on this opportunity by delivering a seamless and secure payment environment that reduces fraud risks and payment failures and enhances the customer experience.

These new funds will be utilized to accelerate the commercial roll-out 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 that 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.

Furthermore, the investment will empower iPiD to achieve comprehensive global coverage for its Validate API and develop new products specifically aimed at preventing payments-related fraud.

"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 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, expressed her confidence in iPiD’s mission, “iPiD is uniquely positioned to tackle the problem of failed payments, estimated at USD 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.” 

Arun Pai, Principal at Monk’s Hill Ventures, emphasized the team’s strengths, “The founding team’s deep understanding of the problem statement, and extensive domain expertise yield an extremely strong founder-market fit and set them up for success. I am privileged to be part of their journey as they expand beyond Southeast Asia to the world.”

Sandeep Patil, Partner at QED Investors, the leading global fintech investor, added: “While instant payment transactions are growing exponentially, robust fraud prevention will be essential for their global scale-up. Confirmation of Payee in the UK is a case in point. We are excited to support Damien and iPiD team in their vision to build advanced payee verification solutions globally.”

Related News