back Back

iink Payments raises $2.8m in seed round

By Leandra Monteiro

March 21, 2022

  • Digital Insurance
  • Digital Payments
  • Green Egg Ventures
Share

iink Paymentsiink Payments, a digital payments network that expedites the disbursement of funds associated with multi-party property insurance claims, announced it has 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.

Additionally, Tony Ford, former CTO of Marqueta, will be joining iink’s board. “I’m excited to bring my extensive knowledge of the payments space to revolutionize an industry that has long suffered from an antiquated and complex payments process,” said Ford.

“Tom and team are the right people at the right time to bring financial innovation to the restoration industry. We’re so happy to partner with them on this journey,” said David Wieland, managing partner and lead investor at Motivate Venture Capital, who also stated he expects to see accelerated digital transformation in the restoration industry with iink’s network perfectly positioned to be the conduit that is connecting carriers, banks, contractors, suppliers and property owners.

iink plans to use its funding to grow its existing network and double down on integrations that allow for seamless communication between iink and the core systems of both their carrier and banking partners.

The vision of iink is an ecosystem that benefits all stakeholders. The carriers are more contented because through their engagement with iink they are cutting down on the time it takes for repairs to get started for their policyholders by a factor of up to 60x. The contractors benefit because they no longer are cash- and time-constrained dealing with complex processes with mortgage banks and can get the homeowners back to their normal lives expeditiously. The banks are equally excited with iink reducing the burden of reviewing these claims payments as well as the added layer of security and vetting that ensures timely repairs of their assets.

“When the insurance claim has been paid there is no reason for the unnecessary delays associated with multi-party claim checks, snail-mail, and lienholder approvers. iink solves that problem,” stated Tom McGrath, CEO, and co-founder of iink.

Previous Article

March 21, 2022

TrueLayer appoints David Exposito as VP of EU Sales

Read More
Next Article

March 21, 2022

Allica Bank raises over £1b in deposits

Read More







Advertise with us



IBSi Daily News Analysis

The Weekly Wrap

July 01, 2022

Digital Insurance

The Weekly Wrap: all you need to know by Friday COB | July 1st

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 01, 2022

IBS Intelligence recognizes Temenos as the #1 Best-Selling Banking Software in Six Categories

Read More

July 01, 2022

GoCardless to acquire Open Banking platform Nordigen

Read More

July 01, 2022

5 FinTech tweets you should see!

Read More

Related Reports

Sales League Table Report 2022

£ 1,500.00 / year

Know More
Global Digital Banking Vendor and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2022

£ 1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2022

£ 1,500.00 / year

Know More
Treasury and Capital Markets Systems Report 2021

£ 1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022