Singapore-headquartered payment intelligence company iPiD has raised $16 million in a Series A round led by Foundation Capital, with participation from Citi and HSBC, as it expands its payee-verification network and develops new capabilities for faster payment rails and digital assets.
The company announced the funding on September 24. Existing investors QED Investors, Monk’s Hill Ventures and Quona Capital also joined the round. Axios separately reported the financing and said iPiD is expanding account-verification coverage as instant payments reduce the time available to catch mistakes and fraud before funds move.
Funding backs payment intelligence expansion
iPiD said the new capital will support expansion of its global payment intelligence network, growth in the United States and Europe, and development of products for U.S. payment rails, stablecoins and other digital assets.
The company focuses on payee verification, helping banks, payment providers and businesses confirm whether a recipient account is valid and whether account details match the intended beneficiary before a transfer is executed. It describes the approach as “Know Your Payee,” complementing know-your-customer checks that focus on the sender.
iPiD said its network now reaches financial institutions in more than 50 countries. Axios reported that the company says it can reach more than 6,500 financial institutions and about 4 billion bank accounts through direct connections and distribution partners. Those coverage figures are company-supplied.
The business is positioning its verification layer around a payments environment in which real-time transfers are becoming more common and increasingly difficult to reverse. Faster settlement can improve user experience, but it also leaves banks and senders with less time to detect a wrong account number, mismatched beneficiary or fraudulent destination.
Citi and HSBC join as strategic investors
Citi and HSBC participated as strategic investors in the round. Both institutions also have commercial relationships with iPiD.
iPiD said Citi uses its technology as part of Citi Verify, while HSBC uses the company to extend beneficiary-validation capabilities beyond local verification schemes. The company’s broader customer and partner list includes Visa, Nium, Experian, Tazapay and other payment and financial-services providers.
Foundation Capital partner Zach Noorani said in the company’s announcement that iPiD has built a global verification layer outside the traditional bank-consortium model. Citi and HSBC executives also highlighted the role of beneficiary verification in reducing payment uncertainty and improving fraud controls.
The strategic participation of major banks gives the funding round a commercial dimension beyond capital. iPiD’s product depends on access to fragmented local banking and payment systems, making distribution relationships and institutional integrations important to expanding coverage.
Series A follows earlier Singapore funding rounds
iPiD was founded in 2021 by payments executives with experience at SWIFT and other financial-technology companies. The company is headquartered in Singapore and also operates across markets including London, New York, Dubai, Amsterdam, Brussels, Kuala Lumpur and Mumbai.
The Series A follows two earlier rounds covered by TNGlobal. In 2022, iPiD raised $3.3 million in seed funding from investors including Rapyd Ventures, Jungle Ventures, 1982 Ventures and others. In 2024, the company closed a $5.3 million pre-Series A led by Monk’s Hill Ventures, with QED Investors and Quona Capital participating.
The new financing takes iPiD into a larger institutional expansion phase. The company is also looking beyond conventional bank-account verification toward stablecoin wallets and other digital-payment destinations, according to its announcement and Axios.
iPiD did not disclose its valuation in the funding announcement. It also did not provide a timetable for the planned U.S. and digital-asset product expansions. As with its coverage and performance figures, those future deployment plans should be treated as company targets until additional products or customer rollouts are announced.
Singapore’s iPiD closes oversubscribed $5.3M Pre-Series A round