Digital payments network iink Payments has secured $3m in its seed funding round, which was led by Grand Ventures.
Other commitments came from Springtime Ventures, Simplex Ventures, Motivate Venture Capital, and Green Egg Ventures.
With the capital, the company will invest in strategic integrations with mortgage servicing banks and insurance carriers to digitise lienholder approvals.
iink Payments helps restore insured properties back to pre-loss condition up to 60-times faster.
The company claims there are hundreds of billions of dollars in insurance claim payouts that are delayed weeks, and sometimes months due to a fragmented paper riven process called ‘lost draft.’ Due to this, this is an area ripe for digital transformation, which iink has positioned itself at the helm of.
iink has positioned itself as a conduit for carriers, banks, contractors and property owners to communicate and keep their restoration process moving.
It added that 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.
Grand Ventures managing director Tim Streit said, “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.”
iink Payments CEO and co-founder Tom McGrath said, “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.”
iink Payments previously raised $2.8m in a funding round earlier this year, which was led by Motivate Venture Capital.
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