The investment was led by Sandbox Industries and Forgepoint Capital, with additional participation from Ardent Venture Partners and MTech Capital. Through the funding round, Chris Zock, Managing Partner and Co-CEO of Sandbox Industries, will join Verituity’s board of directors.
The proceeds from this raise will be used to accelerate Verituity’s expansion across the banking and insurance sectors into new domains such as mortgage servicing and the energy sector. The capital will also support Verituity’s machine learning and artificial intelligence capabilities, which underpin their Zero Trust Payout Verification™ and intelligent payment systems.
In conjunction with the funding announcement, Verituity has revealed a partnership with Mastercard Move. This partnership aims to provide a white-label solution for commercial banks and payers to modernise their disbursements and remittances, allowing for secure and nearly instantaneous payments that improve on traditional payment methods.
Ben Turner, CEO of Verituity, said: “Verituity orchestrates billions of dollars in verified B2B and B2C payouts by empowering businesses and banks to deliver trusted and intelligent payments on-time to known individuals and businesses. I look forward to working with our investors as we continue our journey to finally eliminate cheques and embed intelligent, verified payouts into the fabric of business disbursements.”
Chris Zock, Co-CEO of Sandbox Industries, commented: “Verituity is a perfect example of the types of companies we seek to partner with that provide meaningful innovation to insurers and healthcare companies. From agent and broker payments to claims, Verituity’s unique approach to embedding verification into payouts and handling the complexity of connecting legacy treasury systems to digital payments is transformative for the industry.”
Don Dixon, Co-Founder and Managing Director at Forgepoint Capital, added: “With Verituity at the intersection of verification, intelligent payments, and trust, the company is 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 cheques and mitigating payout risks.”
