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TAMPA, Fla., Nov. 01, 2022 (GLOBE NEWSWIRE) — iink Payments, a digital funds community that expedites the disbursement of funds related to multi-party property insurance claims, introduced it has raised $3.0 MM in seed funding led by Grand Ventures. The spherical included participation from Springtime Ventures, Simplex Ventures, Motivate Venture Capital, and Green Egg Ventures. The financing will permit iink to make investments in strategic integrations with mortgage servicing banks and insurance carriers to digitize lienholder approvals.
There are tons of of billions of {dollars} in insurance declare payouts which are delayed weeks, typically months due to a fragmented paper pushed course of known as “loss draft”. It’s an space that’s ripe for digital transformation and iink has completely positioned itself as a conduit for carriers, banks, contractors, and property homeowners to talk and hold the restoration course of shifting.
“One of our biggest goals is to eliminate the multi-party paper check altogether. After an event like Hurricane Ian you could be waiting weeks just to receive a check in the mail and that’s if there is even a mailbox for it to go to,” states Tom McGrath, CEO and co-founder of iink Payments.
The opposed influence of delayed funds to struggling households after a pure catastrophe and to small business homeowners servicing these restoration jobs is an issue that if solved advantages all stakeholders inside its ecosystem.
“Billions of dollars being moved via multi-party paper checks that require confusing lien holder approval processes when speed of payment is critical is the way of the past. It just doesn’t make sense. Communities and local economies are slower to rebuild, small businesses providing critical services struggle to survive, families are displaced from their homes and workplaces longer, claim severity increases for carriers, and the financed assets of the bank sit in disrepair. We’re excited someone is finally solving this problem!” says Tim Streit, Managing Director of Grand Ventures.
About iink Payments:
iink helps restore insured properties again to pre-loss situation up to 60 occasions sooner by connecting and facilitating the stream of cash and data between all stakeholders concerned in the funds lifecycle.
For extra details about iink Payments go to iink.com
Contact:
Megan Bowman, Lambert
[email protected]
