Instant payments platform Interchecks has secured a significant $50 million in a Series C funding round to fuel its next phase of growth. The announcement was coupled with the general release of its Account Funding Transactions (AFT) feature, enhancing its platform with real-time debit card funding. This dual development signals the company's ambition to dominate the full spectrum of money movement.
Strategic Funding to Fuel Expansion
The new capital was raised in a round led by Bettor Capital, Commerce Ventures, Decades Holdings, and Thayer Street Partners. This investment is designated for enhancing the company's technology stack and expanding its team of payment experts. The funding validates Interchecks' strong market position and its strategy for future innovation in the fintech space.
According to CEO Dylan Massey, the company's core mission has always been to make money movement faster and safer. He noted that this capital infusion will directly support technological advancements and team growth. The AFT launch is a clear manifestation of this long-standing vision to innovate within the payments ecosystem.
Introducing Advanced Account Funding
The newly launched Account Funding Transactions product enables businesses to fund accounts instantly using debit card rails. This feature addresses a critical friction point in digital finance by providing a fast and secure deposit experience. It is purpose-built for use cases like neobank funding, brokerage transfers, and crypto wallet top-ups.
A key benefit for clients is the product's integration into Interchecks' single RESTful API, alongside its existing Pay-by-Bank solution. This unified approach allows businesses to offer a broad spectrum of deposit methods without managing multiple integrations. It ultimately simplifies development and accelerates the deployment of new financial services for clients.
A Focus on Security and Risk Mitigation
The AFT product comes with robust, layered fraud protections built directly into the transaction flow to manage risk. These features include real-time account verification, duplicate card detection, and customizable velocity limits to prevent fraudulent activity. This proactive approach is designed to reduce chargeback exposure before funds are even transferred.
Interchecks' collaboration with major networks like Visa underscores its commitment to secure, real-time payment solutions. Industry partners have praised the company's efforts to bring capabilities to market that support greater flexibility and security. This alignment with global payment leaders reinforces the platform's reliability and industry trust.
A Decade of Proven Growth
This latest milestone is built upon a decade of significant achievements, during which Interchecks has processed over $50 billion in transactions. The company has demonstrated remarkable financial performance, achieving triple-digit net revenue growth for seven consecutive years. This sustained momentum highlights its effectiveness in a competitive market.
Adding to its financial success, the company has operated profitably since 2023, showcasing a sustainable business model. Interchecks also maintains top-tier security credentials, including PCI Level 1 Service Provider and SOC 2 Type 2 certifications. These qualifications assure clients of the platform's commitment to the highest standards of data security.
The combination of a $50 million funding round and the launch of its AFT product marks a pivotal moment for Interchecks. This strategic move provides the resources for continued innovation while expanding its platform to cover the complete money movement lifecycle. With these advancements, Interchecks is well-positioned to solidify its leadership in delivering comprehensive and secure payment solutions.