Verituity, a provider of intelligent, verified payouts solutions, announced the close of an $18.8 million funding round led by Sandbox Industries and Forgepoint Capital with the participation of Ardent Venture Partners and MTech Capital. Chris Zock, Managing Partner and Co-CEO of Sandbox Industries, will join Verituity’s board of directors.
This infusion of capital from the investment round “will accelerate the company’s growth in banking and insurance and Verituity’s expansion into new markets, including mortgage servicing and energy.”
The investment enables Verituity’s further innovation of its machine learning and artificial intelligence models that are “the backbone of the company’s Zero Trust Payout Verification and intelligent payments.”
Ben Turner, CEO of Verituity said:
“Verituity orchestrates billions of dollars in verified B2B and B2C payouts by empowering businesses and banks to deliver trusted and intelligent payments on-time to known individuals and businesses. I look forward to working with our investors as we continue our journey to finally eliminate checks and embed intelligent, verified payouts into the fabric of business disbursements.”
Today’s announcement comes on the heels of the company’s partnership announcement with Mastercard Move to offer “a white-label solution for commercial banks and payers to modernize their disbursements and remittances.”
The integration enables secure, verified and near real-time payments “that better meet customer needs while being more cost-effective than legacy approaches.”
Chris Zock, Managing Partner and Co-CEO at Sandbox Industries said:
“Verituity is a perfect example of the types of companies we seek to partner with that provide meaningful innovation to insurers and healthcare companies. From agent and broker payments to claims, Verituity’s unique approach to embedding verification into payouts and handling the complexity of connecting legacy treasury systems to digital payments is transformative for the industry.”
Don Dixon, Co-Founder and Managing Director at Forgepoint Capital said:
“With Verituity at the intersection of verification, intelligent payments, and trust, the company is well positioned to take full advantage of the rapid digital transformation underway in disbursements. We’re particularly excited about the investments they’re making in AI to solve the challenges of payee verification while migrating away from checks and mitigating payout risks.”
As noted in the update, Verituity’s payout platform enables smart and verified B2B and B2C payout solutions for banks and enterprises.
By knowing and verifying every payer, payee, account and transaction and by adding intelligence to every disbursement, Verituity’s platform “minimizes risks, optimizes payout economics and ensures on-time digital payments to the right payee and payment account from the right funding account every time.”
