iPiD Secures $5.3 In Pre Series A Round

iPiD (International Payment Identity), a Singapore-based fintech focused on global payments infrastructure and payee verification and identification solutions, secured USD 5.3 million in an oversubscribed Pre Series A funding round. This round was led by early stage tech-focused venture capital firm, Monk’s Hill Ventures, alongside global fintech venture funds QED Investors and Quona Capital. Early backer and existing investor 1982 Ventures also participated in the round, amongst others. This funding will accelerate iPiD’s efforts to enhance payment security globally, with a focus on strategic markets like Europe and Asia.

Founded in 2021 by a team of former SWIFT executives, iPiD provides payee verification and identification solutions. It is aimed at enhancing the security and convenience of global payments. According to McKinsey, in 2022 cross-border payment flows reached about USD 150 trillion, a 13 per cent increase from 2021 and are expected to continue to expand. iPiD’s technology capitalises on this opportunity by delivering a seamless and secure payment environment that reduces fraud risks and payment failures that enhances the customer experience.

"I am proud to see the support of prominent and influential investors like Monk’s Hill Ventures, Quona Capital and QED Investors,” said iPiD CEO and Founder Damien Dugauquier. “This investment empowers us to tackle the pressing challenges in the payment industry—enhancing security and simplifying compliance. By advancing our validation technologies, we're not just responding to regulatory demands, we are actively enhancing trust and efficiency in global payment ecosystems increasingly targeted by fraudsters."

Herston Powers, Founding Managing Partner at 1982 Ventures, stated, "At 1982 Ventures, we're thrilled to be early backers of iPiD's mission to tackle the multi-billion dollar problem of failed payments and empower financial inclusion globally. Their deep understanding of the challenges and strong team make them uniquely positioned to revolutionize the cross-border payments landscape, especially for those most affected by a lack of robust financial infrastructure."

“At 1982 Ventures, we're thrilled to be early backers of iPiD's mission to tackle the multi-billion dollar problem of failed payments and empower financial inclusion globally.” These new funds will be utilised to accelerate the commercial roll-out of iPiD’s Verification of Payee solutions in Europe. This includes assisting payment service providers (PSPs) in complying with the upcoming Verification of Payee regulation that will be instated by October 2025.  iPiD provides an all-in-one node capable of responding to and requesting IBAN verification with thousands of PSPs across Europe. iPiD also plans to intensify its focus on Asia, including Southeast Asia where it already has significant team presence and operations.