Verituity Raises $18.8M to Accelerate its B2B and B2C Verified Payout Platform
June 21, 2024
- Press Release
MCLEAN, Va.–(BUSINESS WIRE)–Verituity, a leading provider of intelligent, verified payouts solutions, announced the successful close of an $18.8 million funding round led by Sandbox Industries and Forgepoint Capital with the participation of Ardent Venture Partners and MTech Capital. Chris Zock, Managing Partner and Co-CEO of Sandbox Industries, will join Verituity’s board of directors.
“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”
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.”
About Verituity
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. www.verituity.com
About Sandbox Industries
Sandbox Industries invests in technologies that drive lasting change in human livelihood and transform healthcare, food & agriculture, and insurance & financial services. Sandbox also provides innovation consulting through Sandbox Advisors.
Sandbox Insurtech Ventures is dedicated to investing in companies that are transforming the insurance and financial services industry. Sandbox Insurtech focuses on achieving superior financial returns for all limited partners and meeting the strategic objectives of its industry investors. Sandbox Insurtech Ventures is Sandbox Industries’ insurance platform. Learn more at www.sandboxindustries.com.
About Forgepoint Capital
Forgepoint is an early-stage venture capital firm that partners with transformative cybersecurity and infrastructure software companies. With the largest sector-focused investment team, over $1 billion in AUM, and an active portfolio of nearly 40 companies, the firm brings over 100 years of collective company-building expertise and an Advisory Council of nearly 100 industry leaders to support exceptional entrepreneurs. Founded in 2015 and headquartered in the San Francisco Bay Area, Forgepoint is proud to cultivate a diverse, global community dedicated to backing builders of the digital future. Learn more at https://www.linkedin.com/company/forgepoint-capital/.