TLDR:
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. The funding will be used to expand into new markets such as energy and mortgage servicing, as well as to further develop its machine learning and AI models. Chris Zock from Sandbox Industries will also join Verituity’s board of directors.
Article Summary:
Verituity, a US-based company, has secured $18.8 million in funding from Forgepoint Capital and Sandbox Industries. The funding round also included participation from Ardent Venture Partners and MTech Capital. The main goal of the funding is to fuel Verituity’s expansion into new markets such as energy and mortgage servicing, as well as to enhance their presence in the banking and insurance sectors. The company plans to use the funding to further develop its advanced machine learning and AI models that are the basis of its payout verification solution and smart payment offerings. Chris Zock from Sandbox Industries will join Verituity’s board of directors as a result of this funding round.
Verituity, headquartered in McLean, Virginia, offers a cloud-based platform that ensures accurate digital payouts by connecting banks, payers, and payees. The company previously collaborated with BNY Mellon in 2022 to develop the payments platform Vaia, providing American enterprises with digital payment options for disbursements. Don Dixon, co-founder and MD at Forgepoint Capital, expressed excitement about Verituity’s position at the intersection of verification, intelligent payments, and trust, making them well-positioned to capitalize on the digital transformation in disbursements. The focus on investing in AI to solve payee verification challenges and move away from checks was highlighted as particularly promising by Dixon.
This funding round signifies significant growth opportunities for Verituity as it expands into new markets and enhances its technological capabilities in the fintech space. The addition of Chris Zock to the board of directors underlines the strategic importance of this funding round for the company’s future development and success.
