Verituity Secures $18.8M to Expand Verified Payout Solutions

Market Landscape and Opportunity

Verituity, a provider of verified payout solutions, has secured $18.8 million in funding. This raise indicates growing investor interest in the B2B payments space, particularly in segments focused on security and efficiency.

According to a report by Accenture, the global B2B payments market is expected to reach $21.5 trillion by 2025, driven by factors like:

• Rising fraud: Traditional payment methods are susceptible to fraud, with businesses losing billions annually.
• Slow transaction speeds: Paper checks and manual processes can significantly delay payments.
• Limited data and transparency: Businesses often lack real-time visibility into their payments.

Verituity’s platform addresses these challenges by offering:

• Verified transactions: Verituity’s platform verifies every payer, payee, account, and transaction, minimizing fraud risk.
• Faster payments: The platform facilitates faster digital payments, improving cash flow for businesses.
• Data-driven insights: Verituity provides businesses with real-time data and insights into their payments.

Competitors Similar to Verituity

Verituity’s competitors include established players like Bottomline Technologies and newer fintech startups like Rapyd. However, Verituity differentiates itself through its focus on:

• AI-powered intelligence: Verituity leverages AI to optimize payout economics and ensure accuracy.
• Focus on specific industries: Verituity targets high-growth sectors like banking, insurance, mortgage servicing, and energy.

Growth Strategy and Use of Funds

The startup looks to accelerate it’s growth and invest the funds in these areas.

• Expand market share: Accelerate growth within the banking and insurance sectors.
• Enter new markets: Target high-growth markets like mortgage servicing and energy.
• Product development: Invest in further development of its AI-powered payout platform.

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