Ingo Payments, a leader in money mobility solutions, has announced the acquisition of Deposits Inc., a cloud-based banking platform, in a move that aims to redefine how banks and corporates manage financial transactions. This acquisition enhances Ingo Payments’ platform by integrating Deposits’ innovative “money stack” technology, enabling seamless and secure management of both inbound and outbound financial flows.
The merger brings together Ingo Payments’ established capabilities in money movement and Deposits’ expertise in creating digital accounts with low-code and no-code solutions. The result is a comprehensive money mobility platform that allows businesses to fund, create, and manage new feature-rich accounts with ease. This integration enables banks and corporate clients to turn traditional payments into dynamic account relationships, simplifying processes and unlocking new revenue opportunities.
Drew Edwards, CEO of Ingo Payments, emphasized the significance of the acquisition: “This acquisition fills a gap in our platform, connecting the full lifecycle of money in, money out, and account management. Deposits has built a modern money stack that fits perfectly into Ingo Payments’ platform, enabling banks and businesses to manage risk while creating a seamless digital financial experience.”
Joseph Akintolayo, CEO of Deposits Inc., also highlighted the importance of the partnership: “Our low-code platform simplifies the creation of digital accounts, ledgering, and risk management. By joining forces with Ingo Payments, we can provide a more efficient, compliant, and customizable solution to meet the evolving needs of banks and corporates.”
The acquisition is expected to boost Ingo Payments’ presence across a variety of industries, including banking, FinTech, hospitality, and insurance, offering advanced capabilities for managing complex financial flows. Ingo Payments’ new platform will empower businesses to offer instant, branded digital accounts, enhancing customer engagement and simplifying compliance.
This acquisition is part of Ingo Payments’ broader strategy to modernize money movement and offer future-proof solutions to its customers. By reducing reliance on third-party integrations, the platform will streamline compliance, risk management, and regulatory oversight, making it easier for banks and corporates to operate efficiently in today’s digital financial landscape.
What’s the growth strategy
Ingo Payments’ growth strategy following the acquisition of Deposits Inc. centers around expanding its capabilities to offer a comprehensive money mobility platform that integrates digital account creation with advanced payment solutions. Here are the key aspects of their growth strategy:
- Enhancing the Money Mobility Platform: The acquisition of Deposits Inc. allows Ingo Payments to integrate Deposits’ “money stack,” which simplifies account creation, ledgering, and transaction management. By offering low-code and no-code solutions, Ingo Payments aims to empower banks and corporates to create and manage digital accounts seamlessly, broadening its platform’s appeal.
- Expanding into New Industries: Ingo Payments will leverage the expanded capabilities to penetrate additional industries, including hospitality, gaming, insurance, and trucking, offering tailored solutions for complex financial ecosystems. This will help the company diversify its customer base and capture a larger market share.
- Monetizing Payment Relationships: With the integration of Deposits’ platform, Ingo Payments aims to turn payments into long-term account relationships, opening up new revenue streams for banks and corporates. By enabling businesses to offer branded digital accounts, Ingo Payments can deepen customer engagement and generate ongoing revenue through these accounts.
- Focus on Compliance and Risk Management: By reducing reliance on third-party integrations and offering a core, in-house solution, Ingo Payments plans to enhance its ability to manage compliance and risk for its customers. This approach will make the platform more attractive to banks and corporates that prioritize regulatory compliance.
- Accelerating Digital Transformation for Banks: Ingo Payments aims to help financial institutions modernize legacy infrastructure with its comprehensive, customizable platform. The goal is to provide banks with a flexible solution that can be quickly deployed without extensive technical requirements, thus driving faster digital transformation.
- Leveraging a Scalable Platform: Ingo Payments’ platform is designed to be processor-agnostic and open-banking-agnostic, which means it can scale easily across different markets and regions. This flexibility will help the company grow internationally, especially in markets with complex regulatory environments.
Through these strategies, Ingo Payments is positioning itself as a leader in the growing field of money mobility, with plans to expand its influence across various sectors while continuing to innovate in financial technology.
