iink Payments closes on $6m debt facility

By Edlyn Cardoza

iink Payments, a digital payments network that expedites the disbursement of funds associated with multi-party property insurance claims, announced it has closed on a $6 million debt facility with accordion up to $100 million in partnership with a Los Angeles-based asset management firm.

The capital will be used to fund the rapidly expanding iink Advanced Funding program that provides short-term advances to restoration contractors constrained by cash flow issues commonly found in insurance work.

“We’re helping these contractors operate their businesses more intelligently and efficiently by streamlining the process of obtaining lienholder approvals on claims which can sometimes take months before funds are disbursed. The iink Advanced Funding program is just one of the many ways we solve this problem,” states Tom McGrath, CEO and co-founder of iink.

With storm season quickly approaching, iink Payments plans to deploy this capital to assist in getting thousands of property owners back into their homes faster and their contractors paid on time and with ease.

iink was formed in 2017. It helps restore insured properties to pre-loss condition up to 60 times faster by connecting and facilitating the flow of money and information between all stakeholders involved in the payments lifecycle.

IBS Intelligence reported that iink Payments announced it had raised $2.8 million in seed funding led by Motivate Venture Capital. This included participation from Green Egg Ventures, Carolina Fintech Ventures, IU Ventures, and various industry partners.