Verituity secures $18.8m to enhance verified payout solutions

Verituity, a prominent innovator in the realm of intelligent, verified payouts, has successfully closed a significant funding round of $18.8m.

The investment was spearheaded by Sandbox Industries and Forgepoint Capital, with additional support from Ardent Venture Partners and MTech Capital. As part of this funding round, Chris Zock, Managing Partner and Co-CEO of Sandbox Industries, will take a seat on Verituity’s board of directors.

This latest capital injection is earmarked to accelerate Verituity’s expansion across banking and insurance sectors and into new domains such as mortgage servicing and the energy sector. The funds will also support the ongoing enhancement of Verituity’s machine learning and artificial intelligence capabilities, which underpin their Zero Trust Payout VerificationTM and intelligent payment systems.

Verituity is at the forefront of orchestrating intelligent, verified B2B and B2C payouts, enabling businesses and banks to deliver trusted payments efficiently to recognized individuals and entities. The CEO of Verituity, Ben Turner, expressed enthusiasm about continuing the collaboration with the investors to phase out checks and integrate intelligent, verified payouts more deeply into business transactions.

In conjunction with this funding announcement, Verituity has also disclosed a partnership with Mastercard Move. This collaboration aims to offer a white-label solution for commercial banks and payers to modernise their disbursements and remittances, facilitating secure, verified, and nearly instantaneous payments that surpass traditional methods in meeting customer needs.

Chris Zock highlighted the significance of Verituity’s innovations, particularly in facilitating payments for the insurance and healthcare sectors, embedding verification directly into payouts and bridging the gap between old treasury systems and modern digital payments. Don Dixon from Forgepoint Capital praised Verituity’s strategic position at the nexus of verification, intelligent payments, and trust, emphasizing the potential impact of their AI-driven solutions on the evolving landscape of digital payments and risk mitigation.

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