Singaporean FinTech start-up iPiD announced Wednesday a $3.3 million seed funding round by strategic investors Rapyd Ventures, Jungle Ventures, 1982 Ventures, Resolution Ventures, Saison Capital, the XA Network and Wing Vasiksiri.
“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,
“As our valued partners, they will provide operating experience and growth capital to accelerate our go-to-market strategy and help us to position iPiD for the next phase of growth,” iPiD Co-Founder and Chief Executive Officer Damien Dugauquier said in a statement.
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.
The platform has grown rapidly since inception with a presence in eight countries alongside its headquarter 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 (Democratic Republic of Congo), Exchange Bank of Canada (Canada).
Given the company’s growing network of investors and partners, iPiD 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.
“I am thrilled to join iPiD at this crucial stage in the company’s development and for the industry. The trend towards frictionless payments is unstoppable. It began in the domestic space and is moving to international payments,
“Because our solution can be integrated into any existing payment system, we are perfectly placed to support that transformation while leveraging existing infrastructure. Our solution truly is a game changer,” said Raes.
iPiD is a fast-growing, venture-backed fintech start-up that was founded in late 2021 by a global team who have held senior roles at major payments and technology companies, including SWIFT and Thomson Reuters.
Together, they share a vision to make cross-border easy, secure, and seamless. They achieve this by partnering with financial services providers to deliver an addressing data platform that helps the payment industry to provide a more efficient and user-friendly payment journey.
In addition to its headquarter in Singapore, its global team has representatives in Belgium, India, Malaysia, Netherlands, South Africa, Spain, and Vietnam.
Singapore’s iPiD secures $3.3M seed funding to grow industry support and senior hire. Congratulations to the entire team. I wish you great success in this endeavour.
Shishir Gupta, Founder and CEO, StartupLanes
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