This move aims to accelerate the development of Ingo's Modern Money Stack, a platform designed to help banks, fintechs, and brands create feature-rich financial accounts. The Modern Money Stack was designed to support financial relationships and expand revenue streams while maintaining compliance and cost efficiency.
According to Yahoo Finance, in recent years, the financial services industry has seen a shift, with 85% of new accounts in 2023 being opened by digital-only banks, and 75% of traditional banks looking for modern capabilities outside their existing systems. At the same time, non-financial companies and fintechs are working to embed financial services into their offerings. The increased demand for Embedded Finance, along with a complex regulatory environment, underscores the need for modern banking and payments infrastructure.
Ingo Payments has a history spanning 23 years, beginning with the operation of bank branches serving underserved communities in Atlanta. Over time, the company has expanded its services to help financial institutions navigate innovation, compliance, and risk management.
The acquisition of Deposits Inc. allows Ingo to offer a modern, modular, and bank-grade platform. This platform supports seamless integration between money inflows and outflows through its Modern Money Stack, including features such as a processor-agnostic side core, real-time balance visibility, and compliance management. The platform is aimed at reducing operational complexity for financial institutions while offering flexible integration options like APIs, SDKs, and SaaS solutions.
With the acquisition, Ingo aims to improve its capacity to provide comprehensive solutions for account issuance, payment orchestration, fraud controls, and customer management.
Representatives from Deposits Inc. commented on the acquisition, stating that the integration of their software into Ingo’s platform creates a vertically integrated solution for issuing, compliance, risk, and money mobility. They brought up the potential for financial institutions to move beyond transactions to build deeper relationships with their customers.
In turn, officials from Ingo highlighted that the Modern Money Stack will enable banks and enterprises to manage complex payment processes and convert payments into accounts or wallets, fostering long-term customer engagement and value creation.
The acquisition of Deposits Inc. was finalised on 30 August 2024 with Waller Helms Advisors serving as Deposits' exclusive financial advisor.
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