Verituity has raised $18.8 million to support the growth of its B2B and B2C verified payments platform.
The company will use the new funding to continue developing the machine learning (ML) and artificial intelligence (AI) models that power its platform, accelerate growth in the banking and insurance sectors, and enter new markets such as mortgage servicing and energy, Verituity said in a press release on Friday (June 21).
“Verituity orchestrates billions of dollars of verified B2B and B2C payments by enabling businesses and banks to deliver trusted, intelligent payments on time to known individuals and businesses,” Verituity CEO Ben Turner said in the release. “We look forward to working with our investors as we continue our work to eventually eliminate checks and embed intelligent, verified payments into the payment fabric of business.”
According to the company's announcement, its platform captures, verifies and adds information to every payment, every payer, payee, account and transaction.
In doing so, we minimize risk, optimize payment economics, and ensure that digital payments are made on time, to the right recipient and disbursement account, and from the right funding account, with every release.
The company's latest funding round was led by Sandbox Industries and Forgepoint Capital.
“Verituity's unique approach of embedding verification into payments and addressing the complexities of connecting traditional treasury systems to digital payments is disruptive to the industry,” Chris Zoch, managing partner and co-CEO of Sandbox Industries, said in the release.
Don Dixon, co-founder and managing director at Forgepoint Capital, said that by combining verification, intelligent payments and trust, Verituity is “positioned to take full advantage of the rapid transformation underway in the payments space.”
In April, Verituity partnered with Mastercard to enable near real-time payments for commercial banks and payers.
The collaboration will see Verituity's white label payments platform integrate with Mastercard Move, Mastercard's portfolio of domestic and international remittance solutions. The integration will enable the Verituity platform to offer users faster time to market and instant verification of recipients and transactions.
“We are excited to work with Mastercard to bring more banks into our secure payments and remittance ecosystem,” Turner said in a press release announcing the partnership.
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