A Pre-Series A funding round totalling $5.3 million was secured by International Payment Identity (iPiD), a fintech company based in Singapore, which announced its success on Wednesday.
In a statement, iPiD stated that Monk’s Hill Ventures, an early-stage venture capital firm with a focus on technology, led this round that was oversubscribed.
Quona Capital and QED Investors, two international fintech venture funds, have joined the round alongside previous participants Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures.
As per the statement, iPiD’s efforts to improve payment security worldwide will pick up speed thanks to this funding.
The additional funding will be used to expand iPiD’s focus on key markets like Asia, particularly Southeast Asia, where it already has a sizable team presence and operations, and to develop new products targeted at stopping fraud related to payments.
Being one of the major recipient regions of remittances, this region is crucial because of its thriving economies.
The commercial roll-out of iPiD’s solutions in Europe will also be aided by this funding, with a focus on helping financial institutions comply with the Verification of Payee regulation that is set to take effect by 2025.
“I am proud to see the support of prominent and influential investors like Monk’s Hill Ventures, Quona Capital and QED Investors,
“This investment empowers us to tackle the pressing challenges in the payment industry—enhancing security and simplifying compliance,” said Damien Dugauquier, Chief Executive Officer and Founder of iPiD.
“By advancing our validation technologies, we’re not just responding to regulatory demands; we’re actively enhancing trust and efficiency in global payment ecosystems that are increasingly targeted by fraudsters,” he added.
Advanced payee verification and identification solutions are offered by iPiD, which was founded in 2021 by a group of former Swift executives.
Its goal is to improve international payments’ convenience and security.
It is reported that cross-border payment flows increased by 13% from 2021 to approximately $150 trillion in 2022 and are predicted to rise further.
The technology developed by IPiD takes advantage of this chance by offering a secure and seamless payment environment that lowers the risk of fraud and improves customer satisfaction.
