iPiD, the International Payment Identity network founded by ex-Swift executives, has successfully raised $5.3 million in an oversubscribed pre-Series A funding round. The funding, led by Monk’s Hill Ventures with participation from QED Investors, Quona Capital, and existing partners such as Jungle Ventures and Saison Capital, will fuel the rollout of iPiD’s innovative Confirmation of Payee product across Europe.
Launched in 2021 and headquartered in Singapore, iPiD addresses the growing challenges of fraud and failed payments with its flagship offering, Validate. This technology confirms payee names and bank account details, significantly reducing the risk of payment errors and fraud.
With a global validation network spanning over 2.8 billion accounts and 6,000 banks across various countries including the United States, United Kingdom, and India, iPiD is already a formidable player in the payment industry. The latest funding will accelerate the commercial deployment of their Verification of Payee products in Europe, ensuring payment service providers (PSPs) can meet new regulatory requirements set for October 2025.
“This investment empowers us to tackle the pressing challenges in the payment industry—enhancing security and simplifying compliance,” says Damien Dugauquier, CEO 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 increasingly targeted by fraudsters.”
Damien Dugauquier highlights that the company plans to intensify its focus on Asia, particularly Southeast Asia, where it already has a significant presence and operations.
