They are joined by global fintech venture funds Quona Capital and QED Investors, alongside existing partners Jungle Ventures, 1982 Ventures, Saison Capital and Resolution Ventures. This funding will accelerate iPiD’s efforts to enhance payment security globally.
Revolutionizing Global Payments
Founded in 2021 by a team of former Swift executives, iPiD provides cutting-edge payee verification and identification solutions. It is aimed at enhancing the security and convenience of global payments. In 2022, cross-border payment flows reached about USD 150 trillion, a 13% increase from 2021, and are expected to continue to expand. iPiD’s technology capitalizes on this opportunity by delivering a seamless and secure payment environment that reduces fraud risks and payment failures that enhances the customer experience.
The new funds will be utilized to develop new products aimed at preventing payments-related fraud and to intensify iPiD’s focus on strategic markets such as 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.
Additionally, this funding will support the commercial roll-out of iPiD’s solutions in Europe, particularly aiding financial institutions in complying with the upcoming Verification of Payee regulation to be enforced by 2025.
A Visionary Partnership
Damien Dugauquier, CEO and Founder of iPiD, highlighted the significance of the funding, stating, "I am proud to see the support of prominent and influential investors like Monk’s Hill Ventures, Quona Capital and QED Investors. 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."
Susli Lie, Partner at Monk's Hill Ventures, expressed her confidence in iPiD’s mission, “iPiD is uniquely positioned to tackle the problem of failed payments, estimated at USD 118.5 billion, which plagues financial institutions worldwide. Cross-border money flow issues also disproportionately affect recipients in countries that lack robust financial infrastructure—we’re excited to work with iPiD to address these gaps and improve the global payment landscape.”
Arun Pai, Principal at Monk’s Hill Ventures, emphasized the team’s strengths, “The founding team’s deep understanding of the problem statement, and extensive domain expertise yield an extremely strong founder-market fit and set them up for success. I am privileged to be part of their journey as they expand beyond Southeast Asia to the world.”
