Fintech start-up iPiD has announced a $3.3M seed funding round by strategic investors Rapyd Ventures, Jungle Ventures, 1982 Ventures, Resolution Ventures, Saison Capital, the XA Network and Wing Vasiksiri. In addition, the company has announced the appointment of Alain Raes, a long-time payments industry expert and former SWIFT executive, to the iPiD management team as Chief Commercial Officer.

“We are delighted that Rapyd Ventures, Jungle Ventures and several fintech-focused Venture Funds can see the potential of iPiD’s solution in the creation of frictionless cross-border payments,” says co-founder and CEO Damien Dugauquier. “As our valued partners, they will provide operating experience and growth capital to accelerate our go-to-market strategy and help us to position iPiD for the next phase of growth.”

Founded in 2021 by payment and technology experts, Damien Dugauquier, Eddie Haddad and Geertjan van Bochove, International Payments Identity (iPiD) enables market participants to simplify the cross-border payment experience, reduce failed payments and prevent fraud attempts thanks to a first-of-its kind global bank account validation and proxy addressing service. With iPiD, financial institutions can replicate globally the seamless and easy experience that their customers in many countries have become used to for domestic payments.

Growing community of financial institutions working with iPiD

The platform has grown rapidly since inception with a presence in 8 countries alongside its HQ in Singapore. iPiD also announces that more than 20 financial institutions across 15 countries have signalled their intent to use iPiD’s global validation and addressing technology and are working with the company to help evolve its suite of products and services.

This growing community includes leaders in the banking and fintech industries such as Bank Sahabat Sampoerna (Indonesia), CIMB (Malaysia), GCash (Philippines), YES BANK (India), Cashfree Payments (India), Wallex (Singapore), Opal Payments (Singapore), Moolahgo (Singapore), JiPay (Singapore), Equity BCDC (Democratic Republic of Congo), Exchange Bank of Canada (Canada).

“Collaboration between fintechs and banks can help us to build a sustainable ecosystem together that will meet changing customer expectations and support industry growth”, says Reeju Datta, co-founder, Cashfree Payments. “We look forward to working closely with iPiD to help them evolve their solution.”