IPID, a Singapore-based bank account verification startup, said on September 24 that it raised US$16 million in a series A led by Foundation Capital.

Investors Citi and HSBC joined the round, along with existing investors QED Investors, Monk’s Hill Ventures, and Quona Capital. 1982 Ventures was among IPID’s earliest backers.

IPID said its bank account verification tools support financial institutions in more than 50 countries.

The company said it will use the funding to deepen its global payment intelligence network, expand in the US and Europe, and build capabilities for US payment rails, stablecoins, and digital assets.

In Europe, the European Union is regulating instant payments, and the European Payments Council has formalized payee checks through its verification-of-payee scheme.

🔗 Source: 1982 Ventures

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