IPID Raises $16 Million Series A Led by Foundation Capital With Citi and HSBC

IPID, the Singapore-headquartered payment intelligence company that helps institutions know who they are paying, announced a $16 million Series A on September 24, 2026. Foundation Capital led the round, with strategic participation from Citi and HSBC, alongside existing investors QED Investors, Monk's Hill Ventures and Quona Capital. The company said it will use the capital to deepen its global payment intelligence network, accelerate growth in the United States and Europe, and develop new capabilities across US payment rails, stablecoins and digital assets.

Digital payments have become faster and more seamless, but the information needed to evaluate them has not always kept pace. Institutions often do not know who is receiving a payment or have enough information to assess risk before it is sent, and the burden frequently falls on the sender to confirm the recipient, even when that sender may be the target of a scam. According to LSEG data cited by IPID, Authorized Push Payment fraud alone is projected to cause $331 billion in global losses by 2027.

IPID, formally International Payments Identity, was founded by a team of former SWIFT executives and is led by co-founder and CEO Damien Dugauquier. The company provides a decision intelligence platform for banks, payment service providers, platforms and corporations. Its technology verifies payees and assesses fraud risk before funds move, helping clients meet regulatory obligations and enrich payment data.

The company already supports major financial institutions across more than 50 countries. Its single API connects to more than 6,500 financial institutions covering 85% of the world's bank population and more than 4 billion accounts. IPID had previously raised $8.6 million across two funding rounds, including a $5.3 million round in June 2024 and a $3.3 million raise in August 2022.

Key Facts

PR Newswire reported on September 24, 2026 that IPID 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. The announcement was datelined New York and Singapore.

FinSMEs reported on September 24, 2026 that IPID is a Singapore-based provider of a bank account verification and payment decision intelligence platform. The company intends to use the funds to deepen its global payment intelligence network, accelerate growth in the United States and Europe, and expand its platform across US payment rails, stablecoins and digital assets.

Finextra reported on September 24, 2026 that IPID was founded by a team of former SWIFT executives to tackle the rising risk of fraud as real-time payments scale. The report noted that IPID's technology provides decision intelligence for banks, payment service providers, platforms and corporates moving money, helping them verify payees, assess fraud risk, meet regulatory obligations and enrich payment data.

IPID's corporate website reported on September 24, 2026 that the company is a global know your payee provider. It verifies who is receiving a payment before it is sent through a single API that connects to more than 6,500 financial institutions, covering 85% of the world's bank population and more than 4 billion accounts. The platform supports IBAN-based logic checks across 83 countries and live account and ownership checks across the Americas, Europe, the Middle East and Africa, and Asia Pacific.

The company's credentials include being a Pay.UK Certified Confirmation of Payee Aggregator, a Visa Accelerator Program participant in Asia Pacific in 2024, a Microsoft Azure Marketplace listing with collaboration on AI-driven name matching, and a Mastercard Start Path member. It is ISO/IEC 27001 certified. Its trusted-by list includes Citi in the Americas, Eftsure, iBanFirst, Banqup, Mazepay and Paysera in Europe, Emirates NBD, Alfardan Exchange, barq and Lean Technologies in the Middle East, and Hana Bank, Nium, Tazapay and DOZN in Asia Pacific, plus Triple-A for stablecoins.

Analysis

What this really means is that bank account verification is moving from a compliance checkbox to core payment infrastructure. The participation of Citi and HSBC is not merely financial. Zach Noorani, Partner at Foundation Capital, said IPID has rapidly become the global standard for bank account verification and intelligence, adding that it is quite a feat for something like this to develop outside of a bank consortium. Bis Chatterjee, Global Head of Partnerships and Innovation for Citi's Services, said it is critical to have payment validation that is instantaneous and highly secure, and that Citi's strategic alignment with IPID is further deepened through its participation in the Series A raise.

The bigger picture here is that the payee side of a transaction has spent a decade underprotected while the payer side received multi-factor authentication, biometrics and device fingerprinting. IPID's premise is that confirming an account is real, matches the name provided and is safe to pay must happen before the transaction executes. That becomes more urgent as instant payment schemes spread, because once funds move, recovery is difficult. The LSEG projection of $331 billion in Authorized Push Payment fraud losses by 2027 gives the market a concrete number to rally around.

HSBC's involvement points to a cross-border use case. Tom Simpson, Global Head of Currency Clearing and North America Regional Head of Cross Border Payments at HSBC Global Payment Solutions, said HSBC's arrangement with IPID helps it extend beneficiary validation beyond local scheme requirements and provide clients with more information when making payments. That language matters because Confirmation of Payee rules have developed unevenly across countries. A global network that can check accounts across more than 50 countries offers banks a way to standardize a process that is still fragmented.

The expansion into US payment rails, stablecoins and digital assets carries both opportunity and execution risk. US payment rails have different directory and messaging standards from the schemes IPID knows in Europe and Asia. Stablecoins add another layer because account ownership and name matching can be native to a blockchain or intermediated by custodians. IPID's existing stablecoin connection through Triple-A suggests it has already begun testing those waters, but scaling identity checks across digital asset networks will require new partnerships and regulatory clarity.

Why It Matters

Payment fraud is not only a consumer problem. Banks, payment service providers and corporates face regulatory pressure to validate beneficiaries, and they face reputational damage when scams succeed. A shared verification layer can reduce false positives, speed up onboarding and give compliance teams evidence that a payment was assessed before it was sent.

The strategic backing from Citi and HSBC also signals that large banks are willing to invest in third-party infrastructure rather than build every check in-house. That could accelerate adoption across correspondent banking and cross-border payments, where multiple intermediaries make it hard to know the final beneficiary. IPID's network of more than 6,500 financial institutions and coverage of 85% of the world's bank population gives it a distribution advantage if it can keep data quality high.

For the broader fintech market, the round is a reminder that infrastructure companies solving narrow but critical problems can attract both venture capital and strategic bank money. The $16 million Series A follows earlier rounds of $5.3 million in June 2024 and $3.3 million in August 2022, bringing total disclosed funding to $24.6 million when combined with the new raise. That is modest by fintech standards, but the company's focus on the moment before money moves gives it a defensible position.

Next Up

IPID said it will use the new capital to accelerate growth in the United States and Europe and to develop capabilities across US payment rails, stablecoins and digital assets. The company is headquartered in Singapore at 80 Robinson Road, with offices in London, New York, Dubai, Paris, Amsterdam, Brussels, Kuala Lumpur and Mumbai, giving it a base for that expansion.

The next milestones to watch include new US bank and payment service provider partnerships, deeper stablecoin integrations, and whether Citi and HSBC expand their use of IPID's know your payee checks into additional corridors. The Series A was announced on September 24, 2026. The market will judge progress by network coverage and transaction volume.