Fintech Startup iPiD Secures $5.3 Million In Pre-Series A Funding

iPiD Raises $5.3M with Monk’s Hill Ventures

Three points you will get to know in this article:

  • iPiD secured $5.3 million (INR 43 Crores approximately) for global payment security and efficiency, led by Monk’s Hill Ventures.
  • Funds speed iPiD’s Payee verification in Europe, expand presence in Asian remittance market.
  • iPiD aims to reduce fraud risks, enhance customer experience.

Introduction to iPiD

iPiD logo

iPiD is a fast-growing, venture-backed fintech startup founded in 2021 with a mission to simplify, secure, and streamline global payments. The company partners with financial services providers like banks, payment systems, fintechs, and wallets to offer two core solutions – Validate and Fetch – that enhance the payment journey by reducing cost, mitigating fraud, and improving customer experience. Led by a distinguished team with deep industry expertise, including co-founders Damien Dugauquier and Geertjan van Bochove, iPiD complements and enhances existing payment services through a single API solution that ensures compliance with data security and localization requirements.

iPiD Secures $5.3 Million in Pre-Series A Funding

iPiD (International Payment Identity) secured $5.3 million in a pre-Series A funding cycle spearheaded by Monk’s Hill Ventures, a tech-focused venture capital firm specializing in early-stage investments. Global fintech venture funds QED Investors and Quona Capital, in addition to current partners Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures, were also involved in this round of funding.

What is the function of iPiD?

Established in 2021 by a group of ex-Swift leaders, iPiD (International Payment Identity) delivers services for authenticating and identifying payees. The primary goal of the new business venture is to improve the safety and efficiency of worldwide financial transactions through tackling challenges like fraudulent activities and unsuccessful payment transactions. The primary offering, Validate, verifies recipient identities and banking information with the goal of mitigating authorized push payment (APP) fraud and enhancing customer satisfaction.

The recently obtained funds will expedite iPiD’s initiatives to improve payment security on a global scale, with a specific emphasis on key markets like Europe and Asia. In Europe, the funds will support the implementation of iPiD’s Verification of Payee solutions, enabling payment service providers to adhere to the forthcoming Verification of Payee regulation, which is set to be enforced by October 2025. iPiD’s comprehensive node has the ability to verify and request IBAN verification with numerous PSPs throughout Europe.

Addressing Cross-Border Money Transfer Challenges

iPiD is looking to enhance its concentration on Asia, particularly Southeast Asia, where it already has a substantial team and operational presence. This area is vital because it is one of the largest recipients of remittances, supported by strong economies. Susli Lie, a Partner at Monk’s Hill Ventures, emphasized the significance of tackling cross-border money transfer challenges, especially for recipients in countries with limited financial infrastructure.

iPiD's Global Reach and Validation Network

Currently, iPiD operates in multiple countries such as the US, UK, Netherlands, Belgium, France, UAE, India, Malaysia, and Vietnam, providing services to customers on six continents. Their global validation network includes over 2.8 billion accounts and 6,000 banks. With the recent funding, iPiD is focused on reducing fraud risks, improving customer experience, and taking advantage of the growing cross-border payment market, which has reached approximately $150 trillion in 2022, a 13% increase from 2021.

iPiD (International Payment Identity) raised $5.3 million in pre-Series A funding, led by Monk’s Hill Ventures and supported by QED Investors, Quona Capital, and others. Founded by ex-Swift leaders in 2021, iPiD aims to enhance global financial transaction security and efficiency. The new funds will bolster its global payment security efforts, focusing on Europe and Southeast Asia. Operating in multiple countries, iPiD’s validation network covers over 2.8 billion accounts. The funding will help mitigate fraud, improve customer experience, and capitalize on the growing $150 trillion cross-border payment market.

SA Team

Start typing and press Enter to search

Shopping Cart