Verituity, a leader in intelligent payout solutions, has successfully closed an $18.8 million funding round led by Sandbox Industries and Forgepoint Capital, with participation from Ardent Venture Partners and MTech Capital. This funding infusion is set to propel Verituity’s growth across banking, insurance, mortgage servicing, and energy sectors, marking a significant stride in its mission to revolutionize business disbursements.
Ben Turner, CEO of Verituity, expressed enthusiasm about the company’s trajectory: “Verituity orchestrates billions in verified B2B and B2C payouts, driving trusted, on-time payments to businesses and individuals alike. With this investment, we aim to eliminate checks and integrate intelligent, verified payouts seamlessly into business operations.”
The funding will bolster Verituity’s advanced machine learning and AI capabilities, integral to its Zero Trust Payout Verification™ system. This technology underpins secure and efficient payouts, recently enhanced through a partnership with Mastercard Move to offer white-label solutions for modernizing disbursements and remittances.
Chris Zock, Managing Partner of Sandbox Industries, highlighted Verituity’s impact: “Verituity’s innovative approach to integrating verification into payouts is transformative for insurers and healthcare providers. Their solutions are setting a new standard in digital payments.”
Forgepoint Capital’s Co-Founder and Managing Director, Don Dixon, emphasized the strategic importance of AI investments: “Verituity’s focus on AI-driven payee verification aligns perfectly with the evolving landscape of digital disbursements, mitigating risks and enhancing efficiency.”
This funding round not only positions Verituity at the forefront of digital transformation in disbursements but also reinforces its commitment to pioneering secure, intelligent payment solutions across industries.
