Ingo’s Hot Streak Continues with $13.5 Million Funding Round (April 14, 2015)
Fresh off a major acquisition and a 2015 Paybefore Award for Breakout Company of the Year, Ingo Money’s big year continued with this week’s closing of a $13.5 million funding round. Baltimore-based private equity firm Camden Partners co-led the round with venture capital firm MissionOG. Spring Capital, CNF Investments, Matrix Partners and Ribbit Capital also contributed financing. Ingo will use the funds to finance operations and fuel growth driven by what the company called “overwhelming” demand for its mobile check cashing and risk management platform. More than 120 prepaid programs have adopted Ingo’s mobile deposit platform, which enables prepaid cardholders to load check funds instantly.
Ingo’s latest funding comes just weeks after the mobile deposit capture pioneer closed the acquisition of payments technology provider Fuze Network. The deal—which the company called “game changing” for its business model—bolstered Ingo’s platform by adding the ability to direct funds to any credit, debit or prepaid card, money transfer or bill payment at the POS.
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