IPID raises $16 million for payment data intelligence

Payment intelligence firm IPID announced it has raised $16 million in a Series A funding round led by Foundation Capital, with participation from strategic investors Citi and HSBC. Existing investors QED Investors, Monk's Hill Ventures, and Quona Capital also participated.

The company aims to address gaps in payment data, where digital payments have become faster but information for verifying recipients has not kept pace. This leaves financial institutions vulnerable to fraud, which is projected to cause $331 billion in global losses by 2027.

IPID provides bank account verification to financial institutions in over 50 countries. It plans to expand its platform to cover U.S. payments and digital assets, enhancing financial institutions' ability to assess risk before funds are moved.

"Every payment starts with a decision, but institutions often make that decision with incomplete information," said Damien Dugauquier, Co-founder and CEO of IPID. "We are now building the broader decision intelligence that institutions need before funds are moved."

The funding will be used to deepen IPID's global payment intelligence network, accelerate growth in the United States and Europe, and develop new capabilities to help institutions make more informed decisions and streamline payment operations.