San Francisco-based automated check-cashing solutions provider, InnoVentry Corp. has completed its third (Series C) round of funding, worth $253 million. The investment was made by a syndicate of companies led by Capital One and included Wells Fargo & Co.
The company has raised more than $400 million since it was founded in 1998 as a joint venture of the wholesale bank of Wells Fargo and Cash America International, Inc.
InnoVentry is the creator of the RPM Network of automated financial kiosks that allow consumers to cash checks, withdraw funds and perform other financial functions. There are more than 900 RPM machines located in some of the nation's top retail stores, including Albertson's, Circle K, H-E-B Pantry Foods, Kmart, Kroger, Texaco and Wal-Mart. To date, InnoVentry has enrolled more than 1 million customers and has cashed more than $1 billion worth of checks.
Key components of the Series C round include equity investments, working capital lending facilities and lease finance commitments that will allow the company to grow its network of cash management machines to approximately 4000 units. Under a technology and knowledge-sharing agreement, Capital One is providing its risk management and "test and learn" capabilities to InnoVentry.
Frank Petro, chairman and CEO of InnoVentry, says: "This investment by leading financial services companies and technology leaders in financial delivery systems is a testament to the quality of our company and the promise of our business model. The face of working America is changing, and the existing consumer banking structure simply doesn't work for tens of millions of people. InnoVentry provides a safe and convenient network to help our customers manage their money."