Singapore fintech iPiD raises $16M Series A led by Foundation Capital. Singapore-headquartered payment intelligence company iPiD has raised $16 million in a Series A round led by Foundation Capital, with participation from Citi and HSBC, as it expands its payee-verification network and develops new capabilities for faster payment rails and digital assets. The company announced the funding on September 24. Existing investors QED Investors, Monk's Hill Ventures and Quona Capital also joined the round. Axios separately reported the financing and said iPiD is expanding account-verification coverage as instant payments reduce the time available to catch mistakes and fraud before funds move. Funding backs payment intelligence expansion. iPiD said the new capital will support expansion of its global payment intelligence network, growth in the United States and Europe, and development of products for U.S. payment rails, stablecoins and other digital assets. The company focuses on payee verification, helping banks, payment providers and businesses confirm whether a recipient account is valid and whether account details match the intended beneficiary before a transfer is executed. It describes the approach as "Know Your Payee," complementing know-your-customer checks that focus on the sender. iPiD said its network now reaches financial institutions in more than 50 countries. Axios reported that the company says it can reach more than 6,500 financial institutions and about 4 billion bank accounts through direct connections and distribution partners. Those coverage figures are company-supplied. The business is positioning its verification layer around a payments environment in which real-time transfers are becoming more common and increasingly difficult to reverse. Faster settlement can improve user experience, but it also leaves banks and senders with less time to detect a wrong account number, mismatched beneficiary or fraudulent destination. Citi and HSBC join as strategic investors. Citi and HSBC participated as strategic investors in the round. Both institutions also have commercial relationships with iPiD. iPiD said Citi uses its technology as part of Citi Verify, while HSBC uses the company to extend beneficiary-validation capabilities beyond local verification schemes. The company's broader customer and partner list includes Visa, Nium, Experian, Tazapay and other payment and financial-services providers. Foundation Capital partner Zach Noorani said in the company's announcement that iPiD has built a global verification layer outside the traditional bank-consortium model. Citi and HSBC executives also highlighted the role of beneficiary verification in reducing payment uncertainty and improving fraud controls. The strategic participation of major banks gives the funding round a commercial dimension beyond capital. iPiD's product depends on access to fragmented local banking and payment systems, making distribution relationships and institutional integrations important to expanding coverage. Series A follows earlier Singapore funding rounds. iPiD was founded in 2021 by payments executives with experience at SWIFT and other financial-technology companies. The company is headquartered in Singapore and also operates across markets including London, New York, Dubai, Amsterdam, Brussels, Kuala Lumpur and Mumbai. The Series A follows two earlier rounds covered by TNGlobal. In 2022, iPiD raised $3.3 million in seed funding from investors including Rapyd Ventures, Jungle Ventures, 1982 Ventures and others. In 2024, the company closed a $5.3 million pre-Series A led by Monk's Hill Ventures, with QED Investors and Quona Capital participating. The new financing takes iPiD into a larger institutional expansion phase. The company is also looking beyond conventional bank-account verification toward stablecoin wallets and other digital-payment destinations, according to its announcement and Axios. iPiD did not disclose its valuation in the funding announcement. It also did not provide a timetable for the planned U.S. and digital-asset product expansions. As with its coverage and performance figures, those future deployment plans should be treated as company targets until additional products or customer rollouts are announced.

IPID raises $16M as instant payments expose a growing global blind spot. Sep 24, 2026, 09:00 ET Foundation Capital leads the Series A, with participation from Citi and HSBC NEW YORK and SINGAPORE, Sept. 24, 2026 /PRNewswire/ - IPID, the payment intelligence company helping institutions know who they are paying, announced a $16 million Series A led by Foundation Capital, with participation from strategic investors Citi and HSBC. The round also includes existing investors QED Investors, Monk's Hill Ventures and Quona Capital. Digital payments have become faster and more seamless, but the information needed to evaluate them has not always kept pace. Institutions still do not always know who is receiving a payment or have enough information to assess risk before it is sent. The burden often falls on the sender to confirm the recipient, even when that sender may be the target of a scam. According to LSEG, Authorized Push Payment fraud alone is projected to cause $331 billion in global losses by 2027. IPID is a leading global provider of bank account verification, supporting major financial institutions across more than 50 countries. It will soon expand its platform by applying its expertise in fragmented payment markets to U.S. payments and digital assets, giving institutions the intelligence to make the right decision before funds move. "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. "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. The future of payments will not be defined simply by moving money faster. It will be defined by making better decisions before money moves." "IPID has rapidly become the global standard for bank account verification and intelligence. It's quite a feat for something like this to develop outside of a bank consortium and makes IPID uniquely well-positioned to help financial institutions and payors globally fight fraud and streamline payment operations," said Zach Noorani, Partner at Foundation Capital. Payments are becoming faster and more automated as real-time payments scale, new rails emerge and AI agents begin to initiate transactions. But the information institutions need before executing a payment remains fragmented across markets, providers and rails. IPID is tackling that blind spot by helping institutions know who is behind the receiving account before a payment becomes final. "In an increasingly digital and interconnected financial landscape, it is critical to have payment validation that is instantaneous and highly secure. Our strategic alignment with IPID is further deepened through our participation in their Series A raise. We are excited at IPID's ability to deliver a globally consistent, high-performance experience that helps our clients continue to optimize their international operations with confidence," said Bis Chatterjee, Global Head, Partnerships and Innovation for Citi's Services. Tom Simpson, Global Head of Currency Clearing & North America Regional Head of Cross Border Payments, Global Payment Solutions, HSBC, said: "HSBC's arrangement with IPID helps us extend beneficiary validation beyond local scheme requirements and provide clients with more information when making payments. This can help improve efficiency and certainty in an increasingly dynamic payments ecosystem." IPID will use the funding to deepen its global payment intelligence network, accelerate growth in the United States and Europe, and develop new capabilities that help institutions make more informed decisions and streamline payment operations before funds move across U.S. payment rails, stablecoins and digital assets. About IPID IPID provides decision intelligence for banks, PSPs, platforms and corporates moving money. Across the payment lifecycle, IPID helps them verify payees and assess fraud risk, meet regulatory obligations, assess risk, monetise payments and enrich payment data. This gives them certainty, control and safety with reduced fraud, lower operational costs and a better customer experience follows. www.ipid.tech SOURCE INTERNATIONAL PAYMENTS IDENTITY (IPID) PTE. LTD.