#United States #New York #payment solutions #Series C #Interchecks

Interchecks' $50 Million Series C Funding

Interchecks, a prominent player in the instant payments sector that caters to sportsbooks, fintech companies, and financial institutions, has achieved a significant milestone by raising $50 million in its Series C funding round. This round was led by notable investors including Bettor Capital, Commerce Ventures, Decades Holdings, and Thayer Street Partners. With this influx of capital, Interchecks aims to enhance its platform further by introducing Account Funding Transactions (AFT), which allow businesses to utilize debit credentials for funding eligible accounts.

The AFT feature is shaped to streamline deposit and withdrawal processes, addressing common challenges faced by digital finance businesses. Dylan Massey, the co-founder and CEO of Interchecks, expressed excitement about the funding, stating, "Since our inception a decade ago, our objective has been to facilitate faster and safer money movement with greater control than what was previously imaginable. This funding enables us to delve deeper into our technology and team. The launch of AFT signifies a key step in our journey."

Interchecks has developed its platform over the last ten years with a clear vision: to offer expedited and secure transactions. The introduction of AFT not only enhances the company’s service offerings but also helps manage risk with embedded control mechanisms. Clients can now process account funding in real-time via debit card rails, while safeguarding against fraud with integrated protections.

According to Jake Kleiner, a partner at Bettor Capital, their support for Interchecks is aligned with their investment philosophy. He noted, "Interchecks' unique platform, seasoned team, and impressive growth trajectory resonate deeply with our mission of supporting top-tier software and technology providers in the sector."

The AFT solution caters to various use cases, such as account-to-account transfers, funding for neobanks, neobrokerages, and crypto wallet services. This feature integrates seamlessly with Interchecks' existing Pay-by-Bank option, consolidating payment methods under a single RESTful API, enabling clients to provide diverse deposit solutions without the complexity of multiple integrations.

To mitigate risks, the AFT incorporates several safety features, including real-time duplicate card detection, customizable velocity limits that adhere to industry benchmarks, and proactive monitoring of potentially suspicious activity. These measures are engineered to minimize chargeback risks before any funds are actually transferred.

Justin Zhao, Visa Direct's North America VP, praised Interchecks for its innovative contributions to the payments landscape, stating, "Interchecks is at the forefront of advancing the payment ecosystem by offering solutions that enable businesses to transmit money more effectively and securely."

Over its decade-long journey, Interchecks has processed transactions exceeding $50 billion. With continuous triple-digit revenue growth over the past seven years, the company remains profitable since 2023 and has achieved certification as a PCI Level 1 Service Provider and SOC 2 Type 2. It collaborates with leading global networks like Visa and Mastercard to ensure that the services provided to clients are both reliable and cutting-edge.

For more information about Interchecks and its latest offerings, you can visit their website at www.interchecks.com.

About the Investors

• - Bettor Capital: This growth equity and venture capital firm focuses on investments in the real-money online gaming sector, primarily targeting software supply chains that drive the digital evolution of the online gaming industry.

• - Commerce Ventures: Established in 2013, this venture firm emphasizes investing in startups reshaping commerce and financial services, with a portfolio boasting over 150 companies including some market leaders.

• - Decades Holdings: This investment firm seeks to support pioneering technology firms that define their categories.

• - Thayer Street Partners: A boutique investment firm based in New York that opportunistically invests in businesses with recurring revenue across various sectors, including financial and real estate services.