Tampa-based digital payments network, iink, has raised $12 million in a Series A financing round led by Headline. The company aims to simplify the process of obtaining funds for multiparty property insurance claims by integrating with mortgage servicing banks and insurance carriers. Through its digital and automated workflow, iink eliminates the delays often associated with insurance claim responses, ensuring a smooth restoration process.
Key Takeaway
Tampa-based insurtech company, iink, secures
2 million in Series A funding to enhance its digital payments network for property insurance claim payments. The company aims to streamline the complex workflow and automate the restoration process by integrating with mortgage servicing banks and insurance carriers. By providing smooth and automated payments, iink addresses cash flow challenges for contractors, reducing administrative burden and expediting the restoration process.
Automating a Complex Workflow
Since its founding in 2017, iink started as a service business, focusing on solving the challenges faced by restoration professionals. The co-founders, with experience in restoration, wanted to automate the complex workflow involved in insurance claim payments. Recognizing the need for technological innovation, iink integrated guidelines, documentation, and checks and balances into its platform, creating a user-friendly experience similar to TurboTax.
Streamlining Payments and Administrative Processes
iink’s platform offers three core products to simplify property insurance claim payments. Firstly, it provides a cash flow component, enabling funding in as little as two business days. Secondly, it incorporates remote deposit capture and payments for efficient multiparty claim check processing. Lastly, iink offers an option to work with mortgage companies on behalf of the contractors, facilitating seamless communication and efficient payment processes.
By automating the workflow and expediting payments, iink not only solves the cash flow problem for contractors but also reduces the administrative burden associated with insurance claims. The company also provides contractors with a line of credit based on its confidence in the banks releasing funds. This innovative approach ensures timely payment and simplifies loan repayment for contractors.
Expanding Customer Base and Funding Growth
iink has witnessed substantial growth over the past year, doubling its customer base and processing an average of $72 million in insurance claim dollar volume. The $12 million Series A funding will be utilized to further expand scalability and automation, build the customer base, and establish integrations and channel partnerships. The company plans to hire additional talent in engineering and business areas to support its growth objectives.
