Property insurance claim-focused payment platform iink has raised $12m in a Series A funding round led by Headline.
The round was joined by Motley Fool Ventures, Chartline Capital Partners, Silver Circle Ventures, and multiple existing investors of the US-based start-up.
iink says it accelerates fund payouts related to multi-party property insurance claims.
The start-up connects and facilitates the flow of funds and information between insurance carriers, banks, contractors and property owners.
iink plans to use the proceeds to invest in key integrations with mortgage servicing banks and insurance carriers.
The company aims to create a digital and automated workflow.
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iink added that if resolved, the negative effects of late payments to low-income households, small company owners in the area and repair companies following a natural disaster are advantageous to all parties involved.
iink co-founder and CEO Tom McGrath said: “iink has seen great success to date, tripling in size since our last round by innovating in an industry that has historically been underserved when it comes to technology.
“Our vision is not only to expedite payments but to also position ourselves as a fintech company that provides specialised financial capabilities to our customers by partnering with outside banks – a platform for property restoration professionals to operate and grow their business in a way that has never been supported before.”
Headline partner King Goh said: “iink stands as a beacon of innovation in an industry ripe for transformation, bringing efficiency to a traditionally fragmented process for all stakeholders involved in property insurance claims.
“We believe that their growth trajectory points to a future where recovery and rebuilding are not hindered by administrative delays but facilitated through digital innovation.”