Imagine being able to send payments internationally with just a phone number, without worrying about wrong sends or security issues.

That’s what iPiD (aka, International Payment Identity) makes possible.

They make international payments more simple and secure than ever. Founded in 2021, they’ve just raised a $5.3M Pre-Series A!

• In 2022, cross-border payment flows reached about $150T.
• Around 1 in every 9 people globally live in households that receive international remittances.

Investor check. Monk’s Hill Ventures led the round. Quona Capital and QED Investors, as well as existing investors Jungle Ventures, 1982 Ventures, Saison Capital and Resolution Ventures also joined in!

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🤑 Money, money, money

Tons of people send money internationally, and the amount is growing.

The problem? It’s inconvenient with all the details you have to fill up. On top of that, there’s the risk of fraud (or worse, simply just sending money to the wrong person).

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🦸🏻‍♀️ Where iPiD comes in

They’ve built solutions to make it easy and simple to validate the account of the person you’re paying (aka, the “payee”) before you send over the payment!

Validate. Type in payee’s name and bank account details, then you can get it verified.

• It will let you know if it’s correct or wrong. If there’s a minor mistake, like a misspelled name, it’ll let you know too.

Sick of having to type in account numbers and all the other details (only to get it wrong)? Meet their other solution!

Fetch. Type the country and phone number of the person you’re paying, then match it to the right bank details.

• You won’t need to manually type it, speeding up the process and making sure you’re sending it to the right person!

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💰 What’s with the $$$?

They’ll develop new products focused on payment-related fraud.

Market focus? They’ll focus on strategic markets in Asia, including Southeast Asia.

• They’ll also be supporting the commercial roll-out of their solutions in Europe, helping constitutions comply with the Verification of Payee regulation to be enforced by 2025.