Interchecks raised $50 million in a Series C funding round to expand its instant payments infrastructure that serves sportsbooks, FinTechs and financial institutions.
The company will use the new funding to expand its platform that has processed more than $50 billion in transactions over its 10-year history, achieved triple-digit year-over-year revenue growth for the past seven years, and operated profitably since 2023, it said in a Monday (June 15) press release.
Interchecks announced in the same release that it made Account Funding Transactions (AFT) generally available. AFT enables businesses to use debit credentials to fund eligible accounts and expands Interchecks’ platform to cover the full lifecycle of money movement for its clients, according to the release.
“Since we founded Interchecks a decade ago, our goal has been simple: make money move faster, more safely, and with more control than anyone thought possible,” Dylan Massey, co-founder and CEO of Interchecks, said in the release. “This raise lets us go deeper on the technology and the team, and AFT is a direct expression of what we’ve been building toward.”
The PYMNTS Intelligence report “Generation Instant: Gaming and Winnings” found that quick access to good funds is a top priority for gamers. Sixty-six percent of consumers said they prefer instant winnings payouts because they are convenient.
Interchecks’ latest funding round was led by Bettor Capital, Commerce Ventures, Decades Holdings and Thayer Street Partners, according to the release.
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Bettor Capital Partner Jake Kleiner said in the release: “Interchecks’ differentiated platform, outstanding team and strong commercial momentum all align perfectly with Bettor Capital’s thesis of backing premier software and technology suppliers within our vertical, and we are thrilled to continue supporting the Company via its Series C fundraise.”
Interchecks and Mastercard announced in December that they partnered to expand the adoption of account-to-account payments and that they aim to expand the accessibility of A2A payments across new markets and use cases.
According to that announcement, Interchecks, whose roots lie in gaming, aims to expand its Pay by Bank solution to additional industries. The partnership with Mastercard targets subscription businesses, banks, neobanks, FinTechs, telecoms and utilities.