MCLEAN, Va.--(BUSINESS WIRE)--Verituity, the verified digital payments platform that modernizes banks treasury services and connects banks, payers and payees to first-time and on-time digital payouts experiences, announces the closing of a $10 million Series A funding co-led by ForgePoint Capital and Ardent Venture Partners. Verituity plans to use the funds to expand its go to market efforts and enhance its cloud-based verified digital payout platform. Don Dixon, Managing Director at ForgePoint Capital, and Phil Bronner, Co-founder and General Partner at Ardent Venture Partners, will join Verituity’s board of directors.
“As the demand for secure and reliable digital payouts continues to surge, our mission is to extend a bank’s ability to offer innovative digital solutions to their business clients that power first-time and on-time digital payouts. By making it frictionless for banks to connect to our platform, banks can modernize their treasury services, reduce their payout and compliance risks, lower operating costs, and rapidly launch new revenue streams,” said Ben Turner, CEO and founder of Verituity.
The growth of digital payouts is surging as more and more businesses seek to digitize their payouts to their customers and suppliers. Verituity empowers banks to take advantage of this shift by enabling branded and differentiated digital payout solutions for their business clients. Verituity’s cloud-based, bank grade platform integrates and automates identity verification, payment choice, payment account validation, risks and data compliance, and verified digital payment orchestration into a unified web and mobile experience. These experiences provide the bank and payer with confidence that they are paying the right payee and the right payment account on the first time and on time.
“Verituity sits at the intersection of identity verification, fraud prevention, and successful digital payouts. The company’s platform is a transformative solution that places verification at the core of digital payouts to extend the value of banks’ treasury services and enables them to compete with fintechs more effectively. We are excited to partner with Verituity and help them lean into growth as they solve a critical problem in payments,” said Don Dixon, Managing Partner at ForgePoint.
Phil Bronner, Co-founder and General Partner at Ardent Venture Partners, added, “We look to invest in innovative companies like Verituity that drive value through automation and intelligence. Whether it’s insurance companies paying claims, businesses paying their suppliers, or merchants issuing refunds, Verituity’s platform leverages automation and intelligence to connect banks, payors and payees to verified digital payouts.”
Headquartered in McLean, Va., Verituity is a powerful cloud-based platform that modernizes bank treasury services and connects banks, payers and payees to first-time and on-time digital payouts and pay-by-anything experiences. Verituity’s bank-grade platform places verification at the core of digital payouts by seamlessly unifying and automating identity verification, payment choice, payment account verification and verified payment orchestration so payors and payees can make or receive digital payments with confidence. For more information, please visit: verituity.com.
About ForgePoint Capital
ForgePoint Capital is the premier cybersecurity venture fund investing in transformative companies protecting the digital world. The firm is one of the most prolific investors in early and growth stage cybersecurity companies with over 40 global cybersecurity investments. The team brings more than eight decades of company building and value creation experience, drawing upon the largest network of trusted cybersecurity industry experts and customers to support entrepreneurs who are building great companies. Based in the San Francisco Bay Area, the firm partners with exceptional cybersecurity entrepreneurs worldwide. For more information, please visit www.forgepointcap.com or follow us @ForgePointCap.
About Ardent Venture Partners
Ardent Venture Partners is a Washington DC-based early-stage venture fund investing in companies located in growing tech hubs that transform the way we work. AVP sectors include vertical applications that leverage an automation driver such as AI/ML, robotics, marketplaces, or low code/no code; Future of Work; and Security. AVP GP and CEO partners are located in the Mid-Atlantic (New York to Washington DC), Atlanta, and Boulder Denver. www.ardent.vc