US-based instant digital payment solutions provider Ingo Payments has acquired Deposits, a cloud-based fintech platform, for an undisclosed sum.
Established in 2021, Deposits is a fintech company providing modern banking software and infrastructure through its flexible, scalable technology platform.
It offers a suite of modular, API-driven solutions that enables banks and organisations of all sizes to rapidly build and deploy tailored financial products and deliver financial experiences.
Ingo Payments said the acquisition will advance the launch of its Modern Money Stack.
Modern Money Stack enables banks, fintechs and brands to transform money flows into full, feature-rich accounts, along with supporting new relationships, revenue streams, and utility.
Ingo Payments CEO Drew Edwards said: “The future of payments is about turning transactions into relationships that impact overall economics, money flows and customer experiences.
“The launch of our Modern Money Stack enables banks and enterprises to manage complex, multilayered payment flows and, optionally, turn a payment into an account or wallet, powered by our proprietary money mobility capabilities–that becomes the basis for a relationship and a broader ecosystem, adding value to both the issuer and the account holder.”
Ingo said the acquisition has created a modern, modular, bank-grade, end-to-end platform that connects money in and money out through its Modern Money Stack.
The stack includes a processor-agnostic side core and the tools for banks to meet regulatory obligations, reduce risk, and offer modern financial services to their customers.
Building on its bank-grade ledger, the solution provides banks with visibility into real-time account balances and provides control over customer onboarding.
It provides control over workflows, issued accounts, payments orchestration, velocity and fraud controls, sanctions screening and customer relationship management, said Ingo.
Waller Helms Advisors served as the exclusive financial advisor to Deposits on the transaction.
Deposits CEO Joseph Akintolayo said: “We are uniquely positioned to offer a vertically integrated solution that combines issuing, compliance, risk, and money mobility capabilities under one roof.
“This partnership is the next logical step in our vision of empowering institutions with the technology they need to not just manage transactions, but to create meaningful, lasting relationships with their customers.”
