iink offers a digital, automated workflow that integrates with mortgage servicing banks and insurance carriers to expedite payments and reduce administrative burden in property insurance claims. Its three core products are a cash-flow lending component that can fund contractors in as little as two business days, remote deposit capture and multiparty check processing, and the ability to work with mortgage companies on contractors’ behalf. Pricing includes a free-tier remote check solution with a one-time $299 setup fee, other components priced up to 1.95% of the claim check per month plus additional fees, and a subscription option for unlimited use. Over the past 12 months iink has doubled its customer count and is averaging about $72 million in insurance claim dollar volume processed; the company says revenue has tripled in that period. The company was founded in 2017 and is based in Tampa. It plans to deploy new capital into scalability and automation, expanding its customer base and integrations, channel partnerships, and hiring in engineering and business functions. iink Payments is a Tampa, FL-based provider of a digital payments network that connects and facilitates the flow of money and information between all stakeholders involved in the payments lifecycle. Led by CEO Tom McGrath, the company focuses on restoring insured properties back to pre-loss condition by streamlining payments and approvals among insurers, mortgage servicers, and lienholders. In February 2022 the company raised $3.0M in a Seed II funding round to support growth. The round was led by Grand Ventures, with participation from Springtime Ventures, Simplex Ventures, Motivate Venture Capital, and Green Egg Ventures. The company intends to use the funds to invest in strategic integrations with mortgage servicing banks and insurance carriers to digitize lienholder approvals. No operating metrics or additional financial details were disclosed in the article. iink Payments operates a digital payments network that expedites disbursement of funds associated with multi-party property insurance claims. It runs an Advanced Funding program that provides short-term advances to restoration contractors facing insurance-related cash-flow constraints. The company says it helps restore insured properties up to 60 times faster by connecting and facilitating the flow of money and information between stakeholders. The recently closed $6 million debt facility, with an accordion up to $100 million, will be used to fund the rapidly expanding Advanced Funding program. With storm season approaching, iink plans to deploy the capital to assist thousands of property owners and ensure contractors are paid on time and with ease, according to CEO and co-founder Tom McGrath. iink Payments operates a digital payments network focused on expediting disbursement of funds associated with multi-party property insurance claims. The company integrates with carriers and banking partners to enable faster communication and settlement across complex claim flows. It plans to use recent funding to grow its existing network and to double down on integrations with core systems of its carrier and banking partners. Leadership is led by CEO and co-founder Tom McGrath and the company is based in Tampa, FL. The company raised $2.8M in Seed funding to support these growth and integration efforts. Tony Ford, former CTO of Marqeta, will be joining iink’s board.

Total raised

$24M

Funding rounds

4

Latest round

Series A

Latest activity

Oct 2023