Ingo Money Inc., an Atlanta-based company that cashes checks that a customer loads into an app and sends via a smartphone, said it is acquiring Fuze Network Inc., a payments technology company based in Salt Lake City, Utah.
Financial terms of the deal were not disclosed.
An Ingo Money app allows customers to cash checks using their smartphone. The customer downloads the app, creates a customer profile, takes pictures of the front and back of the check and sends the images to Indigo Money. Funds are loaded onto a prepaid card in 10 days for free, or sent earlier for a fee.
Fuze Network’s technology allows funds to be moved directly to credit, debit, prepaid and private label bank cards. A consumer cashing a check at a physical location can then disburse funds directly to the cards in their wallet.
“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,” said Ingo Money founder Drew Edwards in a statement.
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