BALTIMORE, MARYLAND (October 8, 2013) – Camden Partners is pleased to announce its investment in Ingo Money, Inc. (“INGO®”), a leader in risk management technology supporting non-provisional check deposit and money transfer services with full funds availability in minutes. The investment led by Camden Partners will be used to accelerate development and expansion of the Ingo Good Funds Network, a proprietary remote deposit capture and money movement platform that offers identity-verified consumers frictionless access to their money and eliminates funding risk for bank issuers to meet systemic consumer cash flow and payments needs. Ingo transforms financial services by providing consumers with access to funds in minutes via irreversible mobile wallet loads to eligible Visa card accounts.
“We’re delighted to work with Camden Partners to accelerate growth at this stage of our development,” said Drew Edwards, founder and CEO of Ingo Money. “Camden Partners and Shane Kim have extensive knowledge of the payment processing industry and we’re excited to have their support in helping us achieve our fullest potential.”
Shane Kim, Partner and Managing Member of Camden Partners, and industry veteran, Vince Talbert, will join Ingo’s Board of Directors. Vince Talbert is currently the CEO of GiveCorps, an online giving platform. Prior to GiveCorps, Vince was vice president of Merchant Services for PayPal. He joined PayPal through the $1 billion acquisition of Bill Me Later, Inc., for which he served as co-founder and head of marketing.
“Clearly, Ingo Money has been the leader in the remote capture of physical checks by providing quick access to funds with the highest approval rates,” commented Vince Talbert. “Now, in partnership with Visa, Ingo is leveraging these capabilities to create a unique consumer product that will enable millions of consumers to participate fully in digital banking and e-commerce.”
Ingo Money provides consumers with a trusted solution that seamlessly supports digital deposits, transfers and access to their money on their terms and their timetable. ”The Company’s technology platform is well positioned to unlock significant value in an underpenetrated segment for card networks, issuers and mobile wallet providers,” said Shane Kim.
About Ingo Money
Ingo Money is a leading provider of financial risk management solutions and has managed funding risk for 12 years, for some of the largest institutions in the industry. The Company’s automated approval technology and 24/7 risk assessment teams lead the market which allows Ingo to guarantee irreversible funds in minutes, on all check types and sizes. Ingo Money brings consumers a choice in how they access their money, with the ability to deliver Good Funds in minutes.
Ingo’s solutions include a consumer direct remote deposit capture network delivered through a mobile application and white-label commercial solutions that power bank and AFS delivery across branch, ATM, Kiosk and mobile.
The Company is located in north and south Georgia where it operates a data center and two risk management centers, employing over 200 professionals. Ingo’s clients include some of the largest banks, AFS providers and payment networks in the world. Millions of consumers use Ingo’s solutions, empowering them to choose when and how they receive funds they can count on, irreversibly and in minutes.
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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.