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iink Payments Raises $3.0 MM in Seed II to Streamline P&C Claims Payments for the Insurance Restoration Industry
iink Payments, a digital payments network that expedites the disbursement of funds associated with multi-party property insurance claims, announced it has raised $3.0 MM in seed funding led by Grand Ventures. The round included participation from Springtime Ventures, Simplex Ventures, Motivate Venture Capital, and Green Egg Ventures. The financing will allow iink to invest in strategic integrations with mortgage servicing banks and insurance carriers to digitize lienholder approvals.
There are hundreds of billions of dollars in insurance claim payouts that are delayed weeks, sometimes months due to a fragmented paper driven process called “loss draft”. It’s an area that is ripe for digital transformation and iink has perfectly positioned itself as a conduit for carriers, banks, contractors, and property owners to communicate and keep the restoration process moving.
“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 adverse impact of delayed payments to struggling families after a natural disaster and to small business owners servicing these restoration jobs is a problem that if solved benefits all stakeholders within 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.
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