Verituity Raises $18.8 Million to Expand AI-Powered Verified Payout Platform

Verituity has raised $18.8 million to support the growth of its B2B and B2C verified payout platform.

The firm will use the new funding to continue to develop the machine learning (ML) and artificial intelligence (AI) models that power the platform, to accelerate its growth in the banking and insurance sectors, and to enter new markets like mortgage servicing and energy, Verituity said in a Friday (June 21) press release.

“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,” Ben Turner, CEO of Verituity, said in the release. “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.”

The company’s platform knows and verifies every payer, payee, account and transaction, and adds intelligence to every disbursement, according to the release.

By doing so, it minimizes risks, optimizes payout economics and ensures that the digital payments are on time, to the right payee and payment account, and from the right funding account, per the release.

The company’s latest funding round was led by Sandbox Industries and Forgepoint Capital.

Chris Zock, managing partner and co-CEO at Sandbox Industries, said in the release that 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 that by bringing together verification, intelligent payments and trust, Verituity is “well positioned to take full advantage of the rapid transformation underway in disbursements.”

In April, Verituity teamed up with Mastercard to enable near-real-time payments for commercial banks and payers.

In that collaboration, Verituity’s white-labeled payments platform integrates Mastercard’s portfolio of domestic and international money transfer solutions, Mastercard Move. With this integration, the Verituity platform will be able to offer users a quicker go-to-market time frame and immediate verification of payees and transactions.

“We’re thrilled to join forces with Mastercard to bring more banks into the secure disbursement and remittance ecosystem,” Turner said in a press release announcing the partnership.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.