Walk-in Payment Centers to Enhance Growth
FAIRFIELD, NJ (February 19, 2008) IPP of America has closed a $20.5 million round of venture capital investment led by Old Lane, LP. The announcement said that Hamilton Investment Partners, LLC and Edison Venture Fund also participated. This investment will be used to enhance IPP’s array of electronic payment services while accelerating its growth and advancing its operating platform.

IPP said it has over 8,000 payment centers located in major metropolitan areas which serve hundreds of thousands of people with electronic payment services. IPP is establishing authorized payment relationships with billers across a variety of industries to provide payment processing for a network of non-contracted billers. IPP supports real time payment processing for most major wireless carriers and satellite television companies.

“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.

“Providing financial services to the under-banked market continues to present exciting possibilities. Principals at Old Lane have worked with Ron Averett and members of IPP’s executive team in the past and we look forward to supporting the company in its growth,” said Manu Rana, Managing Director, Old Lane, LP and member of IPP’s board of directors. With this round of funding, Marc Cole, Partner Hamilton Investment Partners, LLC has joined the IPP board of directors.

Source: IPP of America