IPID Secures $16M to Counter Global Payment Challenges

INTERNATIONAL PAYMENTS IDENTITY (IPID), a payment intelligence firm, has raised $16 million in its Series A funding. Foundation Capital led the round, with contributions from Citi, HSBC, and existing investors. The company aims to tackle the challenge of insufficient payment verification, which is crucial as digital payments speed up globally.

As payment systems advance, the information flow struggles to keep up, leaving institutions often uncertain about their recipients. This lack of verification heightens vulnerability to scams, with losses from fraud expected to reach $331 billion by 2027.

IPID operates bank account verification across 50+ countries, soon expanding to U.S. payments and digital assets. The funding will boost its global network and enhance payment decision-making for financial entities.