iink, a digital payments network that expedites the disbursement of funds associated with multi-party property insurance claims, announced it has raised $12.0MM in a Series A financing round led by the global venture capital firm Headline.
The round included participation from Motley Fool Ventures, Chartline Capital Partners, Silver Circle Ventures, and several of iinks’ existing investors. The financing will allow iink to invest in strategic integrations with mortgage servicing banks and insurance carriers to create an entirely digital and automated workflow. This will allow restoration work to occur with greater ease and expediency.
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. iink, however, has even grander aspirations.
“iink has seen great success to date tripling in size since our last round by innovating in an industry that has historically been underserved when it comes to technology,” states Tom McGrath, iink CEO/co-founder. “Our vision is not only to expedite payments but to also position ourselves as a fintech company that provides specialized financial capabilities to our customers by partnering with outside banks—a platform for property restoration professionals to operate and grow their business in a way that has never been supported before,” he added.
The adverse impact of delayed payments to struggling families, local business owners, and those providing restoration services after a natural disaster is a problem that if solved benefits all stakeholders within its ecosystem—carriers and banks included.
“iink stands as a beacon of innovation in an industry ripe for transformation, bringing efficiency to a traditionally fragmented process for all stakeholders involved in property insurance claims. We believe that their growth trajectory points to a future where recovery and rebuilding are not hindered by administrative delays, but facilitated through digital innovation,” said King Goh, Partner at Headline.
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