International Payment Identity (iPiD), a Singapore-based fintech firm, announced Wednesday it has secured $5.3 million in a Pre-Series A funding round.

This oversubscribed round was led by early stage tech-focused venture capital firm, Monk’s Hill Ventures, iPiD said in a statement.

The round are joined by global fintech venture funds Quona Capital and QED Investors, alongside existing partners Jungle Ventures, 1982 Ventures, Saison Capital and Resolution Ventures.

According to the statement, this funding will accelerate iPiD’s efforts to enhance payment security globally.

The new funds will be utilized to develop new products aimed at preventing payments-related fraud and to intensify iPiD’s focus on strategic markets such as 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.

Additionally, this funding will support the commercial roll-out of iPiD’s solutions in Europe, particularly aiding financial institutions in complying with the upcoming Verification of Payee regulation to be enforced 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.

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.

It is noted that in 2022, cross-border payment flows reached about $150 trillion, a 13 percent 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 that enhances the customer experience.

“IPiD is uniquely positioned to tackle the problem of failed payments, estimated at $118.5 billion, 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,” said Susli Lie, Partner at Monk’s Hill Ventures.

Arun Pai, Principal at Monk’s Hill Ventures, emphasized 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,” he added.

Ganesh Regaswamy, Co-Founder and Managing Partner at Quona Capital, the global fintech and impact-focused investor, added that iPiD is building an essential layer of security
and convenience for digital cross-border payments.

“We are thrilled to back iPiD in its endeavor to accelerate the digital transformation of remittances, providing crucial reassurance to remitters that their funds will securely reach their intended recipients,

“With approximately one in every nine people worldwide living in households receiving international remittances, leveraging digital channels for remittances has proven to be an effective means of reducing cross-border transaction costs,” he added.

Based in Singapore, iPiD has a solid presence in countries including the United States, United Kingdom, the Netherlands, Belgium, France, the United Arab Emirates, India, Malaysia, and Vietnam.

The firm’s flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details.

This solution is especially effective in enhancing customer experience and combating authorized push payment (APP) fraud.

The company serves customers across six continents and offers a global validation network covering over 2.8 billion accounts and 6,000 banks.

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