Tuesday, July 23, 2024
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Verituity secures $18.8m round led by Forgepoint Capital and Sandbox Industries

Verituity Raises $18.8 Million: Key Points

  1. Funding Round:
    • Verituity, a US-based provider of verified payout solutions, raised $18.8 million.
    • The funding round was led by Forgepoint Capital and Sandbox Industries.
    • Ardent Venture Partners and MTech Capital also participated.
  2. Use of Funds:
    • Expand into new markets such as energy and mortgage servicing.
    • Enhance presence in banking and insurance sectors.
    • Further innovation of its machine learning and AI models.
  3. Leadership and Board:
    • Chris Zock, Sandbox Industries’ managing partner and co-CEO, will join Verituity’s board of directors.
  4. Company Overview:
    • Headquartered in McLean, Virginia, Verituity offers a cloud-based platform ensuring accurate digital payouts by linking banks, payers, and payees.
  5. Collaboration and Innovation:
    • In 2022, Verituity collaborated with BNY Mellon to develop the Vaia payments platform for digital disbursements.
  6. Strategic Position:
    • Verituity is positioned at the intersection of verification, intelligent payments, and trust.
    • The company is leveraging AI to address payee verification challenges and mitigate payout risks.
  7. Investor Comments:
    • Don Dixon, co-founder and MD at Forgepoint Capital, emphasized the importance of Verituity’s investments in AI and the ongoing digital transformation in disbursements.

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