Venture capital firms Ardent Venture Partners and MTech Capital also participated in the deal.

The money is intended to support the fintech's growth into new industries, such energy and mortgage servicing, as well as increase its presence in the insurance and banking industries.

Furthermore, Verituity claims that the funding infusion would support the "further innovation" of its cutting-edge AI and machine learning models, which serve as the basis for the company's Zero Trust Payout Verification solution and intelligent payment services.

Chris Zock, managing partner and co-CEO of Sandbox Industries, will become a member of Verituity's board of directors following the completion of the financing.

Verituity, with its main office in McLean, Virginia, offers a cloud-based platform that connects banks, payers, and payees to guarantee precise digital transactions.

The US company worked with the nation's largest bank, BNY Mellon, in 2022 to help build Vaia, a payments network that aims to provide American businesses with digital payment choices for disbursements.

Don Dixon, co-founder and MD of Forgepoint Capital, commented on the company's investment in Verituity, saying that the fintech is "well positioned to take full advantage of the rapid digital transformation underway in disbursements" because it is at the "intersection" of "verification, intelligent payments, and trust."

Dixon continues, "We are especially thrilled about the investments they are making in AI to address the issues of payee verification while moving away from checks and reducing payment risks.