IPID Secures $16M Series A to Expand Payee Verification Platform

IPID, which operates a payee verification network, closed a $16m Series A round with Foundation Capital taking the lead. Banks Citi and HSBC joined as strategic participants, while earlier backers QED Investors, Monk's Hill Ventures, and Quona Capital returned for the round.

The firm's platform centres on payment intelligence and bank account verification, helping financial institutions confirm recipient identities and evaluate risk ahead of fund transfers.

According to the company, its services now support major financial institutions operating in over 50 countries.

As instant payment systems proliferate and new payment infrastructures launch, banks and other institutions often contend with fragmented pre-payment data scattered across regions and service providers. IPID positions itself as a solution to this visibility gap, offering institutions clarity on who controls a receiving account before transactions become irreversible.

Co-founder and CEO Damien Dugauquier framed the challenge facing the industry:

Every payment starts with a decision, but institutions are often making that decision with incomplete information. We started by solving bank account verification globally. We are now building the broader decision intelligence that institutions need before funds move — across countries, payment rails and forms of value. The future of payments will not be defined simply by moving money faster. It will be defined by making better decisions before money moves.

Foundation Capital partner Zach Noorani highlighted the firm's market position:

IPID has rapidly become the global standard for bank account verification and intelligence. It's quite a feat for something like this to develop outside of a bank consortium and makes IPID uniquely well-positioned to help financial institutions and payors globally fight fraud and streamline payment operations.

The capital will fund expansion of IPID's payment intelligence network, with particular focus on accelerating growth in the United States and Europe.

The company also intends to build new capabilities designed to help institutions make more informed decisions and streamline payment operations before funds move across US payment rails, stablecoins, and digital assets.