iink Secures $12 Million in Series A to Expedite Property Insurance Claim Payments

iink Secures $12 Million in Series A to Expedite Property Insurance Claim Payments

iink, a digital payments network, is targeting the acceleration of funds disbursement associated with multi-party property insurance claims. Partnering with mortgage servicing banks and insurance carriers, the aim is to craft a fully digital and automated workflow, propelling the restoration process forward.

Transaction Highlights:

  • Deal Value: $12 million in Series A funding.
  • Investor Lead: Headline, joined by Motley Fool Ventures, Chartline Capital Partners, Silver Circle Ventures along with existing investors.

iink Overview:

  • Past to Present: Initially operating as a service business since its inception in 2017, iink transitioned towards a tech-driven approach around 2020, automating complex workflows associated with insurance claims and payments.
  • Solution Framework: iink's platform minimises manual paperwork and tedious back-and-forths with customer service reps by aggregating essential guidelines, documentation, and protocols from banks, akin to a TurboTax for insurance claim payments.
  • Financial Solutions: Offering a line of credit to contractors assured of bank fund releases, iink addresses cash flow and administrative hurdles, facilitating quicker loan repayments.

Product Suite:

  • Cash Flow Component: Aiming for funding within two business days.
  • Remote Deposit Capture and Payments: Simplifying multi-party claim check processing.
  • Mortgage Company Liaison: Acting on behalf of contractors with mortgage companies.

Pricing Structure:

  • The remote check processing solution kicks off with a one-off $299 setup fee, with additional features available for up to 1.95% of claim check per month plus some extra charges. A monthly subscription is also on the table for unlimited usage.

Performance and Growth:

  • Doubling customer count and tripling revenue over the past year, iink has been managing an average insurance claim dollar volume of about $72 million.
  • The fresh capital injection, part of roughly $23 million total funding till date, is earmarked for scalability, customer base expansion, and forging new integrations and channel partnerships.

Future Plans:

  • The new funds are geared towards scaling and automating operations further, expanding the customer base, and developing integrations and channel partnerships. Hiring is also on the agenda in both engineering and business domains.

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