BALTIMORE, MARYLAND (April 22, 2015) – Camden Partners today announced its $13.5 million follow-on investment in Ingo Money, a leading mobile payments company, and the pioneer of instant, guaranteed mobile check cashing. The company intends to use these funds to finance its operations and fuel accelerating growth led by overwhelming demand for its mobile check cashing and risk management platform. More than 120 prepaid programs have adopted Ingo Money as their solution to enable their customers to gain immediate access to approved check funds using a smartphone.
Recognizing the power of mobile technology to transform consumer financial health and access to money, Ingo Money began investing heavily three years ago in the development of a consumer-direct, partner-centric mobile servicing platform. “We built and commercialized a mobile app and set of mobile integration services, supporting an issuer-independent regulatory framework provided by a national bank,” said Drew Edwards, founder and CEO, Ingo Money. “Most critically, we deployed and refined the risk management processes and capabilities necessary to manage and control the unique risk posed by the mobile channel. We are emboldened by the response of the industry and customers, and excited about the growth and momentum we have experienced.”
Camden Partners, which led the first institutional round in 2013, co-led this round of financing with MissionOG. Lead investors were joined by Spring Capital and CNF Investments. Matrix Partners and Ribbit Capital also joined as part of Ingo Money’s recent acquisition of Fuze Network, Inc.
“We are pleased to partner with MissionOG as their operational and investment leadership in payments is exceptional. Gene Lockhart’s background in payments is unparalleled with executive roles at MasterCard International, BankAmerica Corporation, Midland Bank and AT&T,” said Shane Kim, managing member, Camden Partners. “I have been watching Ingo Money for many years,” said Gene Lockhart, chairman and managing partner, MissionOG. “I see a convergence of marketplace timing and consumer readiness for Ingo Money’s technology, and I believe the company has the right management team to deliver on the accelerating momentum in the business.”
Andrew Kese, founder and managing partner, MissionOG, joined Ingo Money’s Board of Directors as part of the transaction. He added, “Having built and managed general purpose reloadable and payroll programs, when we saw Ingo Money’s mix of positive economics, its ability to integrate seamlessly with partners and program managers, and its success in managing the risk associated with providing real time funds via mobile, we realized it was a must-have feature.” Andrew brings to the Ingo Money Board of Directors broad market knowledge and operational experience from Ecount and Citi, for which he led the global prepaid group.
About Ingo Money
Ingo Money, Inc. is a leading mobile payments company focused on expanding and accelerating the flow of funds between monetary instruments to provide immediate, guaranteed funding and payment services that fuel consumer adoption of new and existing digital payment platforms.
Ingo Money owns and operates two lines of business. Ingo™ Network Solutions, operated in conjunction with First Century Bank, N.A., is a consumer-direct network accessible via mobile and retail channels. Ingo™ Enterprise Solutions is an omni-channel commercial platform that enables independently licensed financial services firms to deliver immediate, non-provisional funding and payment services to their customers. Ingo Money’s clients include some of the leading banking and alternative financial services brands in the country for which the company powers retail, branch, ATM and mobile solutions that accelerate funds availability and payments for millions of consumers. For more information, please contact Rusty Pickering at firstname.lastname@example.org
About Camden Partners
Camden Partners is a Baltimore-based private equity firm focused on seed and growth stage investments in healthcare, education, technology and business services companies. For more information, please go to: www.camdenpartners.com.