Verituity, a leader in intelligent, verified payout solutions, has announced the successful close of an $18.8 million funding round. The round was spearheaded by Sandbox Industries and Forgepoint Capital, with contributions from Ardent Venture Partners and MTech Capital. Chris Zock, Managing Partner and Co-CEO of Sandbox Industries, will join Verituity’s board of directors.
This significant capital infusion will propel Verituity’s growth within the banking and insurance sectors while enabling its expansion into new arenas such as mortgage servicing and energy. The investment will also fuel the further innovation of Verituity’s advanced machine learning and artificial intelligence models, which underpin the company’s Zero Trust Payout Verification™ and intelligent payments.
“Verituity orchestrates billions of dollars in verified B2B and B2C payouts by empowering businesses and banks to deliver trusted and intelligent payments on time to known individuals and businesses,” said Ben Turner, CEO of Verituity. “I look forward to working with our investors as we continue our journey to eliminate checks and embed intelligent, verified payouts into the fabric of business disbursements.”
This announcement follows Verituity’s recent partnership with Mastercard Move, offering a white-label solution for commercial banks and payers to modernize their disbursements and remittances. This integration ensures secure, verified, near real-time payments that better meet customer needs while being more cost-effective than traditional methods.
“Verituity is a perfect example of the types of companies we seek to partner with that provide meaningful innovation to insurers and healthcare companies,” said Chris Zock, Managing Partner and Co-CEO at Sandbox Industries. “From agent and broker payments to claims, Verituity’s unique approach to embedding verification into payouts and handling the complexity of connecting legacy treasury systems to digital payments is transformative for the industry.”
“With Verituity at the intersection of verification, intelligent payments, and trust, the company is well positioned to take full advantage of the rapid digital transformation underway in disbursements,” added Don Dixon, Co-Founder and Managing Director at Forgepoint Capital. “We’re particularly excited about the investments they’re making in AI to solve the challenges of payee verification while migrating away from checks and mitigating payout risks.”
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