iPiD, a Singapore company that checks bank account details before payments are sent, raised a $16m Series A on 24 September 2026. Foundation Capital led the round.
Citi and HSBC joined as strategic investors, and existing investors QED Investors, Monk's Hill Ventures and Quona Capital also took part. The company did not disclose a valuation.
iPiD said it would use the money to deepen its global payment intelligence network, accelerate growth in the US and Europe, and build capabilities for US payment rails, stablecoins and digital assets.
“Every payment starts with a decision, but institutions are often making that decision with incomplete information. We started by solving bank account verification globally. We are now building the broader decision intelligence that institutions need before funds move - across countries, payment rails and forms of value.”Damien Dugauquier, Co-founder and CEO, iPiD
What iPiD does
iPiD, whose full name is International Payments Identity, sells what it calls Know Your Payee verification. Before money moves, its service checks whether a recipient's bank account is valid and whether it matches the intended beneficiary, which is meant to cut failed transfers, fraud and payments sent to the wrong person. DealStreetAsia reported that the check can use identifiers such as a mobile number or another proxy.
The company said it supports major financial institutions in more than 50 countries. Its products include payee verification, a trust score, bank reference data, address verification and a payment agent, and it offers modules for rules such as the EU's Verification of Payee and the UK's Confirmation of Payee.
iPiD cited an LSEG projection that authorised push payment fraud, where victims are tricked into sending money themselves, will cause $331bn in global losses by 2027.
The company argues that as real-time payment systems spread, new rails appear and AI agents start to initiate transactions, the information institutions need before releasing a payment is still scattered across markets, providers and rails. It said the burden of confirming a recipient often falls on the sender, even when that sender may be the target of a scam.
Who invested
Citi and HSBC already work with iPiD on payment verification, including beneficiary validation for cross-border payments, according to Fintech News Singapore. Bis Chatterjee, global head of partnerships and innovation for Citi's Services business, said the bank's participation in the Series A deepened an existing strategic alignment.
Tom Simpson of HSBC's Global Payment Solutions unit said the bank's arrangement with iPiD helped it extend beneficiary validation beyond local scheme requirements. Zach Noorani, a partner at Foundation Capital, said iPiD had become the global standard for bank account verification and noted that it had developed outside a bank consortium.
DealStreetAsia reported that other institutional backers include Jungle Ventures, Saison Capital, 1982 Ventures and Resolution Ventures. In August the outlet reported, based on filings with Singapore's corporate regulator ACRA, that iPiD had issued $9.6m of preference shares.
The company so far
iPiD was founded in 2021 by former SWIFT employees, DealStreetAsia reported. Damien Dugauquier is co-founder and chief executive. The round follows a $5.3m pre-Series A in 2024, according to Fintech News Singapore.
According to DealStreetAsia, iPiD reported revenue of $0.31m in 2024, up from $0.04m a year earlier, while its loss widened to $2.26m from $1.93m. The company did not disclose its headcount.
Company website: ipid.tech