Digital payments platform startup Verituity raised $10 million in new investment to help fuel a customer expansion in multiple sectors including banking and insurance. Plans will also focus on further development of the company’s cloud-based technology.

ForgePoint Capital and Ardent Venture Partners led the Series A funding round. As part of their investment, 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.

Verituity’s technology enables branded and differentiated digital payout processes for banks’ business clients. The 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.

Bronner noted in prepared remarks that the Verituity platform has practical appeal.

“We look to invest in innovative companies like Verituity that drive value through automation and intelligence,” Bronner said. “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.”

Source: Verituity