Verituity, a company specializing in verified payout solutions, has successfully raised $18.8 million in its latest funding round. The funds are earmarked to accelerate the growth of its platform in the banking and insurance sectors, as well as to enter new markets such as mortgage servicing and energy. This initiative aims to further develop the machine learning (ML) and artificial intelligence (AI) models that power Verituity’s platform, ensuring secure, timely, and verified payments.
In the past, similar initiatives have focused on enhancing the efficiency and security of digital payments. However, they often faced challenges related to legacy systems and the integration of new technologies. Verituity’s approach seems more holistic, embedding verification within payouts and connecting legacy treasury systems to digital payments, which could position it to overcome these obstacles more effectively. Historically, substantial investments in fintech have led to significant advancements, but Verituity’s unique strategy of combining verification, intelligent payments, and trust appears poised to set a new standard in the industry.
Strategic Growth and Market Expansion
Verituity plans to utilize the new funding to enhance its ML and AI models, which are integral to the platform’s operation. This technological advancement aims to optimize the payout process, minimizing risks, and ensuring that payments are accurate and timely. The firm is also looking to expand its footprint in the banking and insurance sectors while exploring new markets such as mortgage servicing and energy, anticipating a broader application of its verified payout solutions.
Industry Impact and Leadership Statements
Sandbox Industries and Forgepoint Capital led the funding round. Chris Zock, managing partner and co-CEO at Sandbox Industries, highlighted Verituity’s transformative approach to embedding verification into payouts. Don Dixon, co-founder and managing director at Forgepoint Capital, emphasized the company’s potential to leverage the rapid transformation in disbursements by integrating verification and intelligent payments, positioning Verituity advantageously within the industry.
The CEO of Verituity, Ben Turner, expressed enthusiasm about collaborating with investors to progress their mission of eliminating checks and embedding verified payouts into business disbursements. Turner underscored the platform’s ability to verify every payer, payee, and transaction, adding intelligence to each disbursement, which enhances the security and efficiency of digital payments.
Key Insights
– Verituity’s platform minimizes risks and optimizes payout economics through its advanced ML and AI models.
– The company’s expansion into new markets indicates a broader application of its verified payout solutions.
– Collaboration with Mastercard (NYSE:MA) enables faster go-to-market times and immediate transaction verification.
Verituity’s partnership with Mastercard is a significant step forward, as it brings near-real-time payments to commercial banks and payers. This collaboration enhances Verituity’s platform by integrating Mastercard’s domestic and international money transfer solutions, allowing for quicker market deployment and immediate verification of payees and transactions. Such strategic partnerships are crucial for Verituity’s growth and the broader adoption of its verified payout solutions.
