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iPiD raises $5.3M in pre-Series A round led by Monk’s Hill Ventures, others

ISN Team
New Update


iPiD (International Payment Identity) has raised $5.3 million in a pre-Series A funding round led by Monk’s Hill Ventures, an early-stage tech-focused venture capital firm.

The round also saw participation from global fintech venture funds QED Investors and Quona Capital, along with existing partners Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures.

What does iPiD do?

iPiD (International Payment Identity), founded in 2021 by a team of former Swift executives, provides payee verification and identification solutions.


The startup aims to enhance the security and convenience of global payments by addressing issues such as fraud and failed payments.

Its flagship product, Validate, confirms payee names and bank account details, aiming to combat authorized push payment (APP) fraud and improve the customer experience.

What is the purpose of fundraising?

The newly acquired funds will accelerate iPiD's efforts to enhance payment security globally, with a particular focus on strategic markets such as Europe and Asia.

In Europe, the funds will assist in the commercial rollout of iPiD’s Verification of Payee solutions, helping payment service providers comply with the upcoming Verification of Payee regulation, which will be enforced by October 2025.

iPiD’s all-in-one node is capable of responding to and requesting IBAN verification with thousands of PSPs across Europe.

Planning for expansion in Asia

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

Susli Lie, a Partner at Monk’s Hill Ventures, highlighted the importance of addressing cross-border money flow issues, which disproportionately affect recipients in countries lacking robust financial infrastructure.

Leadership comments

iPiD CEO and Founder Damien Dugauquier expressed his gratitude for the support from influential investors, stating, “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 increasingly targeted by fraudsters.”

Susli Lie from Monk’s Hill Ventures added, “iPiD is uniquely positioned to tackle the problem of failed payments, estimated at $118.5 billion, which plagues financial institutions worldwide. We’re excited to work with iPiD to address these gaps and improve the global payment landscape.”

iPiD's market presence

As of now, iPiD operates in several countries including the US, UK, Netherlands, Belgium, France, UAE, India, Malaysia, and Vietnam, serving customers across six continents. They offer a global validation network covering over 2.8 billion accounts and 6,000 banks.

With the recent funding, iPiD aims to further reduce fraud risks, enhance the customer experience, and capitalize on the expanding cross-border payment flows, which reached about $150 trillion in 2022, a 13% increase from 2021.