Singapore fintech startup IPID has announced raising $16 million in a Series A funding round led by Foundation Capital and backed by Citi and HSBC.
DealStreetAsia first reported in August that IPID had secured $9.6 million through the issuance of preference shares, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
ACRA filings only reflect the equity funding received so far in a round and do not reflect the overall funding round, which could be larger or have other components such as debt.
In a statement, IPID said existing investors QED Investors, Monk’s Hill Ventures and Quona Capital also took part in the funding round.
Other institutional investors in the cross-border payments technology firm include Jungle Ventures, Saison Capital, 1982 Ventures and Resolution Ventures, among others, according to DealStreetAsia DATA VANTAGE.
Founded in 2021 by former SWIFT employees, IPID provides payment validation and account-identification technology for banks, payment companies and other financial institutions.
The company said it supports major financial institutions across more than 50 countries.
Its platform allows financial institutions to verify a recipient’s bank account details before sending a payment, using identifiers such as a mobile number or other proxy. This helps reduce failed transactions, fraud and payments sent to the wrong recipient.
IPID plans to use the fresh funding to expand its global payment intelligence network, accelerate growth in the US and Europe and develop capabilities covering US payment rails, stablecoins and digital assets.
The firm last reported $0.31 million in revenue in 2024, up from $0.04 million a year earlier. Its losses, however, grew to $2.26 million from $1.93 million in the prior year.
The latest funding comes as payments move increasingly quickly through real-time payment networks, while banks and other institutions continue to face challenges in verifying who ultimately receives funds.
“Every payment starts with a decision, but institutions are often making that decision with incomplete information,” said Damien Dugauquier, co-founder and CEO of IPID.
The company said it initially focused on global bank account verification, but is now developing broader payment decision intelligence covering different countries, payment rails and forms of value.
