iPiD Bags US$3.3 Million Seed Funding, Names SWIFT Exec as Chief Commercial Officer

iPiD Bags US$3.3 Million Seed Funding, Names SWIFT Exec as Chief Commercial Officer

by August 31, 2022

Fintech startup International Payments Identity (iPiD) announced a US$3.3 million seed funding round and the appointment of Alain Raes, a long-time payments industry expert and former SWIFT executive, as its Chief Commercial Officer.

iPiD secured the funds from Rapyd Ventures, Jungle Ventures, 1982 Ventures, Resolution Ventures, Saison Capital, the XA Network and Wing Vasiksiri.

Founded in 2021 by payment and technology experts, Damien Dugauquier, Eddie Haddad and Geertjan van Bochove, iPiD a presence in 8 countries alongside its HQ in Singapore.

iPiD enables market participants to simplify the cross-border payment experience, reduce failed payments and prevent fraud attempts with its global bank account validation and proxy addressing service.

The company is currently working with Bank Sahabat Sampoerna (Indonesia), CIMB (Malaysia), GCash (Philippines), YES BANK (India), Cashfree Payments (India), Wallex (Singapore), Opal Payments (Singapore), Moolahgo (Singapore), JiPay (Singapore), Equity BCDC (RDC), Exchange Bank of Canada (Canada).

Damien Dugauquier

Damien Dugauquier

“We are delighted that Rapyd Ventures, Jungle Ventures and several fintech-focused Venture Funds can see the potential of iPiD’s solution in the creation of frictionless cross-border payments.


As our valued partners, they will provide operating experience and growth capital to accelerate our go-to-market strategy and help us to position iPiD for the next phase of growth,”

said Damien Dugauquier, Co-founder and CEO of iPiD.

Having joined the iPiD’s management team as the Chief Commercial Officer, Raes will play a critical role in helping the firm scale its business.

He has strong relationships with financial institutions and deep understanding of payments and technology – including domestic and cross-border payments, market infrastructures, retail and corporate payments, compliance, regulatory issues, and mobile technologies.

Alain Raes

Alain Raes

“I am thrilled to join iPiD at this crucial stage in the company’s development and for the industry. The trend towards frictionless payments is unstoppable. It began in the domestic space and is moving to international payments.


Because our solution can be integrated into any existing payment system, we are perfectly placed to support that transformation while leveraging existing infrastructure. Our solution truly is a game changer.”

said Raes.