Verituity Raises $18.8 Million: Key Points
- 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.
- 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.
- Leadership and Board:
- Chris Zock, Sandbox Industries’ managing partner and co-CEO, will join Verituity’s board of directors.
- Company Overview:
- Headquartered in McLean, Virginia, Verituity offers a cloud-based platform ensuring accurate digital payouts by linking banks, payers, and payees.
- Collaboration and Innovation:
- In 2022, Verituity collaborated with BNY Mellon to develop the Vaia payments platform for digital disbursements.
- 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.
- 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.
