Singapore-headquartered IPID, a payments-intelligence startup that helps banks check the identity behind a payment before it is sent, has raised $16 million in a Series A round.

In a statement in late September, IPID said the round was led by Foundation Capital, with banks Citi and HSBC joining as strategic investors. Existing investors QED Investors, Monk’s Hill Ventures, and Quona Capital also joined the round.

Citi and HSBC are both backers and customers of IPID. Citi utilizes IPID to offer account checks to corporate clients. HSBC is among its largest users, giving the startup distribution as well as capital.

IPID, formally International Payments Identity, will use the money to expand in the United States and Europe and to extend its checks to U.S. payment systems, stablecoins, and other digital assets. Pre-payment verification is becoming more important as AI agents begin to initiate transactions with less human oversight, the firm highlighted.

The funding comes as instant payments spread, shrinking the window to catch mistakes or fraud. As a result, people are more likely tricked into sending money to criminals. It is projected to cause $331 billion in global losses by 2027, according to data provider LSEG. The company also said 5-10 percent of cross-border payments need costly repairs because of wrong account details.

Co-founder and CEO Damien Dugauquier said institutions often decide on payments with incomplete information. IPID can build broader “decision intelligence” to apply before funds move across countries and payment types.

Zach Noorani, a partner at Foundation Capital, said IPID had become a global standard for account verification, notable for developing outside a bank consortium.

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