Spring Capital Partners III, L.P. committed $7.0 million of subordinated debt with warrants to Ingo Money, Inc. (“Ingo Money” or “the Company”). The Company will use the proceeds to fund the growth of the recently launched Good Funds Network, a mobile platform that enables customers to convert checks of all kinds into immediate, irreversible digital funds which can be dispensed or transferred virtually anywhere. Spring Capital made its investment in conjunction with follow-on equity from existing investors, including Camden Partners.
About Ingo Money
Based in Roswell, GA, Ingo Money operates a risk-decisioning platform that approves and guarantees checks for banks, check cashers, and through the Good Funds Network, consumers. The Company recently announced its pending acquisition of Fuze Networks, Inc. (“Fuze”), based in Salt Lake City, UT, which has technology that enables users to transfer digital funds to almost any card or account. While Ingo Money’s existing platform enables customers to convert checks into digital funds, the ability to seamlessly transfer those funds to virtually any card or account is a significant value enhancement for consumers.