● iPiD secures US$3.3m seed funding from Rapyd Ventures, Jungle Ventures ,1982 Ventures, Resolution Ventures, Saison Capital, the XA Network, and investor Wing Vasiksiri
● More than 20 financial institutions around the world signal their interest to use iPiD’s technology
● Alain Raes, payments industry veteran and former SWIFT Chief Commercial Officer, joins iPiD management team
Singapore, London 31 August 2022: Fintech start-up iPiD has announced a $3.3M seed funding round 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.
“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. “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.”
Founded in 2021 by payment and technology experts, Damien Dugauquier, Eddie Haddad and Geertjan van Bochove, International Payments Identity (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.
Growing community of financial institutions working with iPiD
The platform has grown rapidly since inception with a presence in 8 countries alongside its HQ 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).
“Collaboration between fintechs and banks can help us to build a sustainable ecosystem together that will meet changing customer expectations and support industry growth”, says Reeju Datta, co-founder, Cashfree Payments. “We look forward to working closely with iPiD to help them evolve their solution.”
Alain Raes joins management team
Given the company’s growing network of investors and partners, iPiD is delighted to announce 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,” says Raes. “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.”
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To find out more about us, visit our website: https://ipid.tech/
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About iPiD
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, we share a vision to make cross-border easy, secure, and seamless.
We achieve this by partnering with financial services providers (banks, payment systems, payment fintechs, wallets…) to deliver an addressing data platform that helps the payment industry to provide a more efficient and user-friendly payment journey.
iPiD is built for all – we do not replace banks, payment fintechs, wallets or remittance companies; nor do we replace existing payment rails.
In addition to our HQ in Singapore, our global team has representatives in Belgium, India, Malaysia, Netherlands, South Africa, Spain, and Vietnam.
Our Advisory Board includes senior figures from across the industry: Christian Sarafidis, Microsoft Chief Business Development Officer WWFSI; Kosta Peric, Deputy Director, Financial Services for the Poor, the Bill & Melinda Gates Foundation; and Nick Lewins, former banking Chief Technology Officer and now an advisor in data and AI, cloud technology and digital transformation.
