Verituity Raises $18.8M to Accelerate its B2B and B2C Verified Payout Platform
June 21 2024 - 12:00PM
Business Wire
Sandbox Industries and Forgepoint Capital led round to fuel
market expansion and continued innovations in AI-powered
payouts.
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.
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.forgepointcap.com and
https://www.linkedin.com/company/forgepoint-capital/.
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version on businesswire.com: https://www.businesswire.com/news/home/20240621455031/en/
Media: Tylor Tourville BackBay Communications
Verituity@backbaycommunications.com