Atlanta – Ingo Money, Inc. (“Ingo Money”), a leading mobile payments technology provider announced today that it has reached agreement to acquire Fuze Network, Inc. (“Fuze”), the leading card disbursement platform.
Currently Ingo Money’s technology enables its partners and consumers to convert any check into guaranteed and irreversible Good Funds. The Ingo Network can be accessed directly by customers of most prepaid programs via the Ingo Money App or within their native mobile applications. Thousands of bank and retail locations nationwide also use Ingo Money’s Enterprise solutions in their branches, stores, ATMs and mobile applications.
Fuze enables its partners to add cash to more than one billion bankcards including credit, debit and prepaid cards. For example, a consumer cashing a check at a physical location can then disburse funds directly to the cards in their wallet.
“The combination of Ingo Money and Fuze technologies will accelerate our mission to digitize the cash economy by enabling consumers to use their mobile phones to convert any check or cash into electronic Good Funds and to push it virtually anywhere,” said Drew Edwards, founder and CEO, Ingo Money. “Not only will the combination enable us to expand our retail product offering to include cash transactions, but the integration into our mobile solutions will revolutionize the way self-banked consumers control their money; from anywhere to anywhere from the convenience of their phone.”
According to the Federal Reserve Bank of Boston in a September 2014 research report, 37% of payments in the U.S. are conducted with paper instruments, which fuels a cash economy some estimate to be more than $2 trillion. The FDIC estimates that one-third of U.S. consumers are self-banked and conduct at least some of their financial transactions in the cash economy.
“Fuze can send funds to more than one billion bankcards, and we have thousands of retail locations integrated to our platform,” said Dave Wilkes, founder and CEO of Fuze Network. “Combining our technology with Ingo Money’s mobile payments technology will be a game changer and empower millions of consumers.”
The transaction is expected to close by year-end, subject to final due diligence and documentation.
About Ingo Money
Ingo Money, Inc. facilitates the acceptance of consumer funds from a variety of monetary instruments to originate immediate, non-provisional funding for bank accounts, payment cards and mobile wallets. The only technology solution of its kind in the marketplace, Ingo Money services are essential to providing a convenient source of recurring funds for any payment platform to fuel the consumer adoption of new and existing digital payments. The instantaneous and non-provisional nature of Ingo Money funding transactions means that, regardless of their source, deposited funds are “Good Funds,” available to spend by the account or mobile wallet owner in minutes without risk of future reversal.
Ingo Money, Inc. owns and operates two lines of business. Ingo™ Network Solutions, operated in conjunction with First Century Bank, N.A., is a consumer-direct, mobile account-funding network accessible on iOS and Android devices via mobile application and embedded SDK. Ingo™ Enterprise Solutions is a commercial platform that enables banks and alternative financial services (AFS) providers to deliver immediate, non-provisional “Good Funds” services to their customers through any servicing channel.
Headquartered in Roswell, Ga. (and operating a data center and two risk management centers in Georgia), Ingo Money serves many of the largest financial institutions, AFS providers and payment networks as clients.
About Fuze Network
Fuze Network, Inc. is the leading card disbursement platform enabling funds to be moved directly to bankcards (credit, debit, prepaid and private label).
The Fuze platform enables swipe-based cash payments integrated at the retail Point of Sale System; disrupting antiquated processing platforms that are form based and require manual entry to process payments. Fuze creates a single process—single settlement for any company. Fuze Network is based in Salt Lake City, Utah.