Citi and HSBC Back IPID’s $16M Series A to Combat Global Instant Payment Fraud

Quick Summary

IPID has secured $16 million in Series A funding to scale its global bank account verification network. Led by Foundation Capital with backing from Citi and HSBC, the platform addresses the $331 billion APP fraud crisis by providing real-time intelligence on recipients before funds are transferred.

How Does IPID Solve the Global APP Fraud Crisis?

Authorized Push Payment (APP) fraud is a growing threat, with global losses expected to hit $331 billion by 2027. IPID addresses this by providing a global intelligence network that spans over 6,500 financial institutions and 4 billion accounts. By verifying the recipient's identity before a transaction is finalized, IPID removes the burden of verification from the consumer and places it back into the hands of the financial institution.

• Real-time verification across 50+ countries.
• Coverage for fragmented payment markets.
• Integration with existing banking rails and digital assets.

Why are Citi and HSBC Investing in Payment Intelligence?

Major global banks like Citi and HSBC are backing IPID to enhance their cross-border payment security. As payments become faster and automated, the risk of sending money to the wrong person or a scammer increases. Citi already utilizes IPID to power its Citi Verify service, ensuring a globally consistent experience for corporate clients. This investment signals a shift toward decision intelligence as a core component of modern banking infrastructure.

“IPID has rapidly become the global standard for bank account verification and intelligence. It’s quite a feat for something like this to develop outside of a bank consortium and makes IPID uniquely well-positioned to help financial institutions and payors globally fight fraud and streamline payment operations,” said Zach Noorani, Partner at Foundation Capital.

What is the Future of Secure Instant Payments?

The next phase of IPID’s growth involves expanding into U.S. payment rails, stablecoins, and digital asset transactions. As AI agents begin to initiate transactions, the need for automated trust layers becomes paramount. IPID is positioning itself as the universal verification layer that works across different forms of value, ensuring that whether a payment is made via traditional wire or a digital wallet, the identity is confirmed.

FF NEWS TAKE:

This $16M round moves the needle because it tackles the "blind spot" of instant payments. As real-time rails become the global standard, the industry's biggest hurdle isn't speed—it's trust. IPID’s ability to aggregate data across 4 billion accounts makes it a formidable utility. Having Citi and HSBC as strategic investors suggests that bank account verification is no longer a value-add, but a mandatory requirement for the future of global money movement.