Tylor Tourville

June 21, 2024, McLean, VA — 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/.

Read the announcement on Business Wire.

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Fintech Futures

Platform Modernizes Banking Treasury Services and Powers First-time and On-time Verified Digital Payouts

May 25, 2021 – McLean, VA

Verituity, the verified digital payments platform that modernizes banks treasury services and connects banks, payers and payees to first-time and on-time digital payouts experiences, announces the closing of a $10 million Series A funding co-led by ForgePoint Capital and Ardent Venture Partners. Verituity plans to use the funds to expand its go to market efforts and enhance its cloud-based verified digital payout platform. Don Dixon, Managing Director at ForgePoint Capital, and Phil Bronner, Co-founder and General Partner at Ardent Venture Partners, will join Verituity’s board of directors.

“As the demand for secure and reliable digital payouts continues to surge, our mission is to extend a bank’s ability to offer innovative digital solutions to their business clients that power first-time and on-time digital payouts. By making it frictionless for banks to connect to our platform, banks can modernize their treasury services, reduce their payout and compliance risks, lower operating costs, and rapidly launch new revenue streams,” said Ben Turner, CEO and founder of Verituity.

The growth of digital payouts is surging as more and more businesses seek to digitize their payouts to their customers and suppliers. Verituity empowers banks to take advantage of this shift by enabling branded and differentiated digital payout solutions for their business clients. Verituity’s cloud-based, bank grade platform integrates and automates identity verification, payment choice, payment account validation, risks and data compliance, and verified digital payment orchestration into a unified web and mobile experience. These experiences provide the bank and payer with confidence that they are paying the right payee and the right payment account on the first time and on time.

“Verituity sits at the intersection of identity verification, fraud prevention, and successful digital payouts. The company’s platform is a transformative solution that places verification at the core of digital payouts to extend the value of banks’ treasury services and enables them to compete with fintechs more effectively. We are excited to partner with Verituity and help them lean into growth as they solve a critical problem in payments,” said Don Dixon, Managing Partner at ForgePoint.

Phil Bronner, Co-founder and General Partner at Ardent Venture Partners, added, “We look to invest in innovative companies like Verituity that drive value through automation and intelligence. Whether it’s insurance companies paying claims, businesses paying their suppliers, or merchants issuing refunds, Verituity’s platform leverages automation and intelligence to connect banks, payors and payees to verified digital payouts.”

About Verituity

Headquartered in McLean, Va., Verituity is a powerful cloud-based platform that modernizes bank treasury services and connects banks, payers and payees to first-time and on-time digital payouts and pay-by-anything experiences. Verituity’s bank-grade platform places verification at the core of digital payouts by seamlessly unifying and automating identity verification, payment choice, payment account verification and verified payment orchestration so payors and payees can make or receive digital payments with confidence. For more information, please visit: verituity.com.

About ForgePoint Capital

ForgePoint Capital is the premier cybersecurity venture fund investing in transformative companies protecting the digital world. The firm is one of the most prolific investors in early and growth stage cybersecurity companies with over 40 global cybersecurity investments. The team brings more than eight decades of company building and value creation experience, drawing upon the largest network of trusted cybersecurity industry experts and customers to support entrepreneurs who are building great companies. Based in the San Francisco Bay Area, the firm partners with exceptional cybersecurity entrepreneurs worldwide. For more information, please visit www.forgepointcap.com or follow us @ForgePointCap.

About Ardent Venture Partners

Ardent Venture Partners is a Washington DC-based early-stage venture fund investing in companies located in growing tech hubs that transform the way we work. AVP sectors include vertical applications that leverage an automation driver such as AI/ML, robotics, marketplaces, or low code/no code; Future of Work; and Security. AVP GP and CEO partners are located in the Mid-Atlantic (New York to Washington DC), Atlanta, and Boulder Denver. www.ardent.vc

Read the announcement on Business Wire.