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 India, September 1, 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.
The platform has grown rapidly since inception with a presence in 8 countries including India. iPiD also announced 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 YES BANK (India), Cashfree Payments (India), Bank Sahabat Sampoerna (Indonesia), CIMB (Malaysia), GCash (Philippines), 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 , said Reeju Datta, co-founder, Cashfree Payments. We look forward to working closely with iPiD to help them evolve their solution. 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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