Verituity, a McLean, VA-based provider of verified payout solutions, has successfully raised $18.8 million in a new funding round. The investment will be used to accelerate growth in banking and insurance sectors, and to expand into new markets such as mortgage servicing and energy.
Key Details of the Funding Round
- Lead Investors: Sandbox Industries and Forgepoint Capital.
- Participants: Ardent Venture Partners and MTech Capital.
- Board Addition: Chris Zock, Managing Partner and Co-CEO of Sandbox Industries, will join Verituity’s board of directors.
Company Overview
Verituity, led by CEO Ben Turner, offers a platform designed to streamline and secure B2B and B2C payouts. The platform ensures:
- Verification of every payer, payee, account, and transaction.
- Enhanced intelligence in disbursement processes.
- Risk minimization and optimized payout economics.
- On-time digital payments to the correct payee and payment account from the appropriate funding account.
Strategic Expansion Plans
With the new funding, Verituity plans to:
- Enhance Banking and Insurance Services: Continue to develop and improve its solutions for existing banking and insurance clients.
- Enter New Markets: Focus on expanding services into mortgage servicing and the energy sector, leveraging the platform’s capabilities to meet the specific needs of these industries.
Platform Capabilities
Verituity’s platform stands out by providing smart and verified payout solutions that significantly reduce the risks associated with digital payments. By ensuring that every aspect of the payout process is verified and intelligent, Verituity can deliver secure, efficient, and timely payments, enhancing the overall financial operations for banks and enterprises.
The $18.8 million funding round marks a significant milestone for Verituity as it seeks to expand its footprint in the verified payout solutions market. With the support of prominent investors and the addition of experienced industry leaders to its board, Verituity is well-positioned to continue its growth trajectory and innovate within the financial technology space.
