iPiD Raises $5.3M in Pre-Series A Funding Round to Combat Payment Fraud

iPiD, a leading fintech startup specializing in payee verification and identification solutions, announced today the successful closure of a $5.3 million oversubscribed pre-Series A funding round. The investment was led by Monk’s Hill Ventures and saw participation from esteemed investors including Quona Capital and QED Investors, along with continued support from existing partners.

The funds secured in this round will be primarily allocated towards bolstering product development initiatives aimed at fortifying defenses against payment-related fraud. Additionally, iPiD intends to leverage this capital injection to expand its market presence, with a particular focus on key regions such as Asia and Europe.

Damien Dugauquier, the CEO and Founder of iPiD, expressed his enthusiasm regarding the investment and its implications for the company’s trajectory. He stated, “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’re actively enhancing trust and efficiency in global payment ecosystems that are increasingly targeted by fraudsters.”

iPiD’s flagship product, Validate, stands at the forefront of its offerings, providing robust capabilities to verify payee names and account details. This solution not only serves as a formidable tool in combatting fraud but also contributes to elevating the overall customer experience within the realm of financial transactions.

With a global footprint spanning six continents, iPiD currently serves a vast clientele covering over 2.8 billion accounts and 6,000 banks. This latest infusion of capital is poised to further accelerate the company’s growth trajectory and solidify its position as a frontrunner in the fight against payment fraud.