Heaptalk, Jakarta — Singapore’s fintech, iPiD (International Payment Identity), has secured US$5.3 million in a pre-Series A round. This oversubscribed round was led by Monk’s Hill Ventures and participated in by QED Investors and Quona Capital, alongside existing partners Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures.
The funding will accelerate iPiD’s global efforts to enhance payment security, focusing on strategic markets such as Europe and Asia. This startup will also expedite the commercial rollout of iPiD’s Verification of Payee solutions in Europe, such as assisting payment service providers (PSPs) in complying with the upcoming Verification of Payee regulation instated by October 2025.
“This investment empowers us to tackle the pressing challenges in the payment industry, enhancing security and simplifying compliance. By advancing our validation technologies, we are not responding to regulatory demands. We are actively enhancing trust and efficiency in global payment ecosystems increasingly targeted by fraudsters,” iPid’s CEO and Founder, Damien Dugauquier, said.
Founded in 2021, iPiD provides cutting-edge payee verification and identification solutions, aiming to advance the security and convenience of global payments. In 2022, cross-border payment flows reached about US$150 trillion, a 13% increase from 2021, and are expected to expand.
This fintech startup capitalizes on this opportunity by delivering a seamless and secure payment environment that reduces fraud risks and payment failures and enhances the customer experience. The startup will expand its comprehensive global coverage for its Validate API and develop new products to prevent payments-related fraud. iPiD will also intensify its focus on Southeast Asia, whereby the market already has a significant team presence and operations.
“iPiD is uniquely positioned to tackle the problem of failed payments, estimated at US$118.5billion, which plagues financial institutions worldwide. Cross-border money flow issues also disproportionately affect recipients in countries that lack robust financial infrastructure. We are excited to work with iPiD to address these gaps and improve the global payment landscape,” Partner at Monk’s Hill Ventures, Susli Lie, said.
