MCLEAN: Verituity, a leading provider of intelligent, verified payouts solutions, has raised $18.8 million in a funding round led by Sandbox Industries and Forgepoint Capital with the participation of Ardent Venture Partners and MTech Capital.
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.
Accordingly, Chris Zock, Managing Partner and Co-CEO of Sandbox Industries, will join Verituity’s board of directors.
This latest infusion of capital 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 advanced machine learning and artificial intelligence models that are the backbone of the company’s Zero Trust Payout Verification™ and intelligent payments.
“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,” said Ben Turner, CEO of Verituity.
“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.
“Verituity is a perfect example of the types of companies we seek to partner with that provide meaningful innovation to insurers and healthcare companies,” said Chris Zock, Managing Partner and Co-CEO at Sandbox Industries.
“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.”
“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,” said Don Dixon, Co-Founder and Managing Director at Forgepoint Capital.
“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.”