IPP of America, a national network of independent neighborhood-based e-payment centers, has raised $20.5 million in new VC funding. Old Lane led the round, and was joined by Hamilton Investment Partners and return backer Edison Venture Fund.
IPP of America (“IPP'), a leading provider of electronic payment services, today announced that it has closed a $20.5 million round of venture capital investment led by
With over 8,000 IPP payment centers located in every major metropolitan area hundreds of thousands of people rely on IPP's reliable, safe electronic payment services. The company is successfully establishing authorized payment relationships with billers across a variety of industries and provides payment processing for a network of non-contracted billers. IPP is the only walk-in payment provider that supports real time payment processing for most major wireless carriers and satellite television companies. The firm has also amassed an impressive list of integration and distribution partners that use IPP's technology to provide bill payment services.
“We see tremendous opportunity in the electronic payments industry. IPP has built a solid foundation in the walk-in payments market and has created many differentiators that we want to share with a wider audience. Now we have the ability to leverage our technology, our payment and distribution networks, and take the company to the next level” said Ron Averett, CEO, IPP. A veteran of electronic payments, Averett was until the summer of 2006 chief executive of Princeton eCom Corp.
“Providing financial services to the under-banked market continues to present exciting possibilities. Principal's at
With this round of funding, Marc Cole, Partner Hamilton Investment Partners, LLC has joined the IPP board of directors. Principals at
IPP of America Inc. (“IPP”) a leading provider of electronic payment services operates the largest national network of independent neighborhood-based payment centers, providing reliable and safe electronic payment services to cash paying customers. Through their Payment Settlement Network, IPP authorized payment centers offer a wide array of alternative financial services including electronic bill payment, prepaid long distance, prepaid wireless epins, and prepaid home phone. The company's payment center network currently extends to over 8,000 locations nationwide. For more information visit us at www.ipppays.com .
Old Lane, LP is a global investment firm with offices in the
About Hamilton Investments, LLC
Hamilton Investment Partners, LLC (HIP, LLC) is an opportunistic private investment firm that makes equity and subordinated debt investments in partnership with superior management teams, focusing primarily on small and middle market buyouts, growth capital financings and bridge financings. Together, the firm's partners have completed more than 50 financings over the past 25 years.
Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 8 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing growth capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's investment professionals are based in Lawrenceville, NJ, New York, NY, West Chester, PA, and McLean, VA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare & pharmaceutical IT. Edison's successes include Axent, Dendrite, E-Transport, Gain Capital, Mathsoft, Princeton Financial, Virtual Edge, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $650 million under management and is actively making new investments. www.edisonventure.com