iPiD closes oversubscribed USD 5.3 mln Pre-Series A round

Founded in 2021 by a team of former Swift executives, iPiD provides innovative payee verification and identification solutions. It is aimed at enhancing the security and convenience of global payments.

International payment flows have reached about USD 150 trillion in 2022, a 13% 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, enhancing the customer experience.

Enhancing fraud prevention in Europe

These new funds will be funnelled towards accelerating 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.

Furthermore, the investment will empower iPiD to achieve comprehensive global coverage for its Validate API and develop new products specifically aimed at preventing payments-related fraud.

Company officials said this investment empowers them to tackle the pressing challenges in the payment industry—enhancing security and simplifying compliance. By advancing their validation technologies, they're not just responding to regulatory demands, they're actively enhancing trust and efficiency in global payment ecosystems increasingly targeted by fraudsters.

Strengthening operations in key Southeast Asian markets

iPiD also plans to intensify its focus on Asia, including Southeast Asia where it already has significant team presence and operations. This region is pivotal as one of the largest remittance-receiving regions supported by vibrant economies.

Investors that participated in iPiD’s funding round emphasised iPiD’s unique position in tackling the problem of failed payments, estimated at USD 118.5billion, which plagues financial institutions worldwide. Cross-border money flow issues also disproportionately affect recipients in countries that lack robust financial infrastructure. They’re happy to work with iPiD to address these gaps and improve the global payment landscape.