iink Payments Raises $2.8M to Streamline Claims Payments for the Restoration Industry
(Image source iink Payments homepage.)
iink Payments, a Tampa, Fla.-based digital payments network designed to expedite the disbursement of funds associated with multi-party property insurance claims, announced it has raised $2.8 MM in seed funding led by Motivate Venture Capital (Chicago). The funding round included participation from Green Egg Ventures, Carolina Fintech Ventures, IU Ventures, and other industry partners. As part of the round, Tony Ford, former CTO of Marqueta, will join iink’s board of directors.
David Wieland, managing partner and lead investor at Motivate Venture Capital, expects to see accelerated digital transformation in the restoration industry with iink’s network well positioned to be the conduit that is connecting carriers, banks, contractors, suppliers and property owners. “Tom and team are the right people at the right time to bring financial innovation to the restoration industry,” Wieland comments. “We’re so happy to partner with them on this journey.”
iink says it plans to use its funding to grow its existing network and to focus on integrations that allow for seamless communication between iink and the core systems of both their carrier and banking partners.
The company reports that its vision for iink is of an ecosystem that benefits all stakeholders. This, the vendor says, will make carriers happier because through their engagement with iink they will cut down on the time it takes for repairs to get started for their policyholders by a factor of up to 60 times. The contractors will be happy 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, according to iink. Banks will be equally excited with iink because of its ability to reduce the burden of reviewing claims payments, as well as the added layer of security and vetting that ensures timely repairs of their assets.
Addressing Unnecessary Delays
“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,” comments Tom McGrath, CEO, and co-founder, iink. “iink solves that problem.”
“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,” comments Motivate Ventures’ Ford.
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