iink Payments Raises $2.8 M in Seed Round
iink PaymentsA digital payments network that facilitates the disbursement and settlement of multi-party property insurance claim funds,, announced that it had raised seed funding of $2.8 MM. Motivate Venture Capital. Participation from Green Egg Ventures, Carolina Fintech Ventures, IU Ventures, as well as other industry partners. Tony Ford, ex-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,”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,” David Wieland is Motivate Venture Capital’s managing partner and lead investor., 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 intends to use the funding to expand its network and to double down on integrations that enable seamless communication between iink, their core systems and both their bank and carrier partners. The vision of Iink is an ecosystem that benefits everyone. They are happier because they have reduced the time it takes to repair policies by as much as 60x. Contractors are happier because they are no longer cash- and/or time-constrained in dealing with complicated mortgage banks processes and can quickly get homeowners back to normal life. The banks are equally happy with the idea of reducing claims payment review burdens and adding security and vetting to ensure that assets are repaired on time. “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,” Tom McGrath, CEO and co-founder at iink, states these words.