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iink Payments Raises $2.8 MM in Seed Round to Streamline P&C Claims Payments for the 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 $2.8 MM in seed funding led by Motivate Venture Capital. This included participation from Green Egg Ventures, Carolina Fintech Ventures, IU Ventures, and various industry partners. Additionally, Tony Ford, former CTO of Marqueta, will be joining iink’s board. “I’m excited to bring my extensive knowledge of the payments space to revolutionize an industry that has long suffered from an antiquated and complex payments process,”said Ford.
“Tom and team are the right people at the right time to bring financial innovation to the restoration industry. We’re so happy to partner with them on this journey,” said David Wieland, managing partner and lead investor at Motivate Venture Capital, who also stated he expects to see accelerated digital transformation in the restoration industry with iink’s network perfectly positioned to be the conduit that is connecting carriers, banks, contractors, suppliers and property owners.
iink plans to use its funding to grow its existing network and double down on integrations that allow for seamless communication between iink and the core systems of both their carrier and banking partners.
The vision of iink is an ecosystem that benefits all stakeholders. The carriers are happier because through their engagement with iink they are cutting down on the time it takes for repairs to get started for their policyholders by a factor of up to 60x. The contractors are happy because they no longer are cash- and time-constrained dealing with complex processes with mortgage banks and can get the homeowners back to their normal lives expeditiously. The banks are also equally excited with iink reducing the burden of reviewing these claims payments as well as the added layer of security and vetting that ensures timely repairs of their assets.
“When the insurance claim has been paid there is no reason for the unnecessary delays associated with multi-party claim checks, snail-mail, and lienholder approvers. iink solves that problem,” states Tom McGrath, CEO, and co-founder of iink.
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