iink, a digital payments network based in Tampa, Fla., announced it raised $12 million in a Series A financing round led by the global venture capital firm Headline in a round that included participation from Motley Fool Ventures, Chartline Capital Partners, Silver Circle Ventures and existing investors.
In an October 19 news release, the company, which expedites the disbursement of funds associated with multi-party property insurance claims, said the financing would allow iink to “…invest in strategic integrations with mortgage servicing banks and insurance carriers to create an entirely digital and automated workflow; This will allow restoration work to occur with greater ease and expediency.”
iink said it is well positioned to act as a conduit for carriers, banks, contractors, and property owners to communicate and keep the restoration process moving.
“iink has seen great success to date tripling in size since our last round by innovating in an industry that has historically been underserved when it comes to technology,” said Tom McGrath, iink CEO/co-founder.
“Our vision is not only to expedite payments but to also position ourselves as a fintech company that provides specialized financial capabilities to our customers by partnering with outside banks—a platform for property restoration professionals to operate and grow their business in a way that has never been supported before,” he added.
The company believes the adverse impact of delayed payments to families, local business owners and restoration services is a problem that, if solved, benefits all stakeholders within its ecosystem—carriers and banks included.
"iink stands as a beacon of innovation in an industry ripe for transformation, bringing efficiency to a traditionally fragmented process for all stakeholders involved in property insurance claims,” said King Goh, partner at Headline. “We believe that their growth trajectory points to a future where recovery and rebuilding are not hindered by administrative delays but facilitated through digital innovation.”
For more information, visit iink.com.