NEW YORK--(BUSINESS WIRE)--Interchecks, one of the fastest growing instant payment infrastructure and service providers, today announced a $16M Series B fundraise. The funding round was led by Senator Investment Group and Standard Investments, with participation from Bettor Capital, Commerce Ventures, Nuvei, and Shift4 Ventures. The funding will further Interchecks’ mission to power instant money-movement for fintech, online gaming, and digital asset ecosystem applications.
Founded with the mission to accelerate the adoption of real-time payment technology, Interchecks is emerging as a next-gen leader in the FinTech ecosystem. Interchecks provides APIs to innovators looking to wrap instant payments into their applications, enhancing user experience, lowering costs, and reducing time spent on back-office reconciliations. Driven by strong bank relationships, increased network connections, new product launches, and customer expansion and retention, Interchecks experienced explosive year-over-year growth.
The new capital raised will expand Interchecks’ ability to support Visa Direct, RTP, stablecoins, and compliance—as well as significantly grow headcount.
“Interchecks had an exceptional 2021 marked by continued success and remarkable growth within FinTech and Online Gaming as new states continue to legalize sports betting,” said Dylan Massey, co-founder and CEO of Interchecks. “The caliber of investors in our Series B solidifies Interchecks’ position as one of the most innovative and trusted platforms in payments. Early bets we made on people, markets, and bank partners proved valuable, and we couldn’t be more excited to enter the next phase of our growth.”
“Interchecks’ dedication to instant payments, and its ability to capture a significant share of online gaming by signing accounts like FanDuel at such an early stage in their development, is unmatched,” said A.J. Murphy, Head of Markets at Standard Investments. “We’re proud to work with their team as they usher in the next generation of payment technology.”
Senator’s FinTech Sector Head Joe Armao added, “Interchecks is winning with vision, speed, and execution. Interchecks’ lean team impressively punches above their weight, and we’re thrilled to support their next phase of growth and scaling.”
Founded in 2016, Interchecks Technologies, Inc. is a privately held payment startup with offices in Brooklyn, New York and Boca Raton, Florida. Interchecks’ goal is to simplify and enhance payments and 1099 compliance for organizations around the world. Their suite of on-demand payment options include instant deposit, direct deposit, digital check, paper check, and more. Trusted by banks, fintechs, enterprise and marketplace platforms, the service is available through a turnkey Payer Portal or a simple API integration that can be white-labeled and bundled into a Payer’s own user experience. For further information on Interchecks, please visit www.interchecks.com or LinkedIn @gointerchecks.
About Senator Investment Group
Senator Investment Group is a private investment firm founded in 2008 to pursue opportunistic investments across the capital structure and corporate lifecycle, with a focus on investing in change. The Firm invests globally across sectors, with three core focus areas: financial technology, industrial sustainability, and life sciences. The team is ambidextrous across credit and equity, and experienced in both public and private markets.
About Standard Investments
Standard Investments, a related business of Standard Industries, is a fundamentally-driven investment platform focused on the intersection of industry and technology. Standard Investments deploys capital flexibly and creatively across the public and private markets, spanning the life cycle of a company, and leverages its deep industrial knowledge and operational experience to create value. To learn more, visit www.standardinvestments.com or follow on LinkedIn at @standardinvestments.