Verituity secures $18.8m round led by Forgepoint Capital and Sandbox Industries
Verituity, a US-based provider of verified payout solutions, has raised $18.8 million through a funding round led by Forgepoint Capital and Sandbox Industries.
Verituity bags $18.8 million
The round also saw participation from venture capital firms Ardent Venture Partners and MTech Capital.
The funding has been earmarked to fuel the fintech’s expansion into new markets, such as energy and mortgage servicing, as well as further its footprint in the banking and insurance sectors.
In addition, Verituity states the cash injection will assist “further innovation” of its advanced machine learning and AI models which form the foundation of the firm’s Zero Trust Payout Verification solution and smart payment offerings.
Upon the round’s conclusion, Chris Zock, Sandbox Industries’ managing partner and co-CEO, will join Verituity’s board of directors.
Headquartered in McLean, Virginia, Verituity provides a cloud-based platform that ensures accurate digital payouts by linking banks, payers and payees.
In 2022, the US firm collaborated with banking giant BNY Mellon to help develop its payments platform Vaia, which seeks to offer American enterprises access to digital payment options for disbursements.
Commenting on the firm’s investment in Verituity, Don Dixon, co-founder and MD at Forgepoint Capital, says the fintech is at the “intersection” of “verification, intelligent payments, and trust”, leaving the enterprise “well positioned to take full advantage of the rapid digital transformation underway in disbursements”.
“We’re particularly excited about the investments they’re making in AI to solve the challenges of payee verification while migrating away from checks and mitigating payout risks,” adds Dixon.
