Ingo Money, a prominent mobile payments technology provider, recently made an announcement regarding its agreement to acquire Fuze Network, a popular card disbursement platform. The acquisition will take place by the end of this year.
Ingo Money’s technology enables its partners and consumers to convert any check into guaranteed and irreversible funds. The Ingo Network is accessible directly to customers through prepaid card programs using the Ingo Money App or native mobile apps. Thousands of banks and retail locations 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 bank cards including credit, debit and prepaid cards. Consider a scenario where a consumer cashes a check at a physical location and disburses the funds directly to the cards in the wallet. Fuze Network’s technology facilitates the movement of money on to any of the 1.5 Bn U.S. bank-issued cards. Fuze Network routes money to card issuers and is directly promoted to cardholders by many of those issuers, including First Premier Bank, citibank and Merrick Bank.
Speaking on the acquisition, Drew Edwards, founder and CEO of Ingo Money, shared his views: “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. 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.”
Dave Wilkes, founder and CEO of Fuze Network, said in an official press release: “Fuze can send funds to more than one billion bank cards, and we have thousands of retail locations integrated to our platform. Combining our technology with Ingo Money’s mobile payments technology will be a game changer and empower millions of consumers.”
According to a research report by the Federal Reserve Bank of Boston, 37% of payments in the U.S. are paper-based which fuels a cash economy estimated at around $2 trillion. One-third of U.S. consumers are self-banked and conduct at least some of their financial transactions in the cash economy.
Ingo Money Network functions in combination with First Century Bank, N.A., and is a consumer-direct mobile remote deposit capture network accessible on iOS and Android devices via mobile application and embedded SDK. Ingo Enterprise is a commercial white label solution, that enables banks and alternative financial services (AFS) providers to make immediate, non-provisional “Good Funds” available to their customers. The company says that currently, almost 3 Mn consumers have used the company’s technology to access “Good Funds” from thousands of bank branches and AFS locations, ATMs, kiosks and mobile devices across the United States.