IPID raises $16M to verify recipients before faster payments settle

IPID gives financial institutions and corporate payment systems a way to confirm who owns a recipient account before money is released. The company announced a $16 million Series A led by Foundation Capital, with Citi and HSBC participating as strategic investors.

Mazepay shows how the product fits into an ordinary business payment. When an employee requests a purchase and a new supplier is being approved, Mazepay uses IPID to validate the supplier’s bank-account owner inside the procurement process. The result is available before an invoice reaches payment, without the procurement team running a separate email check.

IPID is solving for the decision before settlement, not the transfer itself. As payments become faster and more automated, the company argues that institutions need reliable recipient information before a transaction becomes final. It says its bank-account verification network supports major financial institutions in more than 50 countries, while the underlying information remains divided among local markets, providers and payment rails.

Citi disclosed in November 2025 that IPID’s Know Your Payee technology would power an expansion of Citi Verify, giving clients one API-driven verification service across key markets. HSBC said its existing arrangement with IPID extends beneficiary validation beyond individual local payment schemes. The two banks are entering the round with product relationships already in place.

IPID plans to use the capital to deepen its payment-intelligence network, accelerate growth in the United States and Europe, and develop capabilities for United States payment rails, stablecoins and digital assets. Those are planned extensions; the announcement did not describe them as services already available.