Singapore-headquartered fintech start-up International Payments Identity (iPiD) has announced a $3.3 million seed funding round supported by strategic investors Rapyd Ventures, Jungle Ventures, 1982 Ventures, Resolution Ventures, Saison Capital, the XA Network and Wing Vasiksiri.
In addition, the company has announced the appointment of Alain Raes, a long-time payments industry expert and former SWIFT executive, to the iPiD management team as Chief Commercial Officer.
Founded in 2021 by payment and technology experts, Damien Dugauquier, Eddie Haddad and Geertjan van Bochove, iPiD enables market participants to simplify the cross-border payment experience, reduce failed payments and prevent fraud attempts thanks to a first-of-its kind global bank account validation and proxy addressing service.
With iPiD, financial institutions can replicate globally the seamless and easy experience that their customers in many countries have become used to for domestic payments.
“We are delighted that Rapyd Ventures, Jungle Ventures and several fintech-focused Venture Funds can see the potential of iPiD’s solution in the creation of frictionless cross-border payments,” says co-founder and CEO Damien Dugauquier.
The platform has grown rapidly since inception with a presence in 8 countries alongside its headquarters in Singapore. iPiD also announces that more than 20 financial institutions across 15 countries have signalled their intent to use iPiD’s global validation and addressing technology and are working with the company to help evolve its suite of products and services.
This growing community includes leaders in the banking and fintech industries such as Bank Sahabat Sampoerna (Indonesia), CIMB (Malaysia), GCash (Philippines), YES BANK (India), Cashfree Payments (India), Wallex (Singapore), Opal Payments (Singapore), Moolahgo (Singapore), JiPay (Singapore), Equity BCDC (RDC), Exchange Bank of Canada (Canada).
Given the company’s growing network of investors and partners, iPiD also announced that Alain Raes, payments expert and former SWIFT executive, has joined the company as Chief Commercial Officer.
His strong relationships with financial institutions and deep understanding of payments and technology – including domestic and cross-border payments, market infrastructures, retail and corporate payments, compliance, regulatory issues, and mobile technologies – will play a critical role in helping iPiD to scale its business.