Fort Wayne, IN (JUNE 15, 2022) – Fort Wayne, Indiana-based Allied Payment Network, Inc. (“Allied”), the industry’s most innovative provider of online and mobile money movement services to banks and credit unions, announced today that it has secured a significant capital investment from RF Investment Partners (“RF”), a private investment firm that provides debt and structured equity solutions to growth-oriented companies. The funding round is further backed by Plymouth Growth Partners and several other investors.
Since its founding, Allied has set many milestones in the FinTech space, including being the first to pay bills through a smartphone’s camera with its flagship product PicturePay®; the first to process real-time payments to a financial institution’s core system; the first to push payments directly to billers in real-time; and the first bill pay company to introduce cryptocurrencies to the community banking market. The RF investment will fuel Allied’s continued product innovation and growth strategies, as it empowers financial institutions to acquire and retain new account holders.
“This new investment from RF underlines our commitment to remaining the market leader in providing first-to-market, modernized solutions that meet consumer and small business payments expectations,” said Ralph Marcuccilli, CEO and founder of Allied. “Together with RF, we can capitalize on additional opportunities that further our mission of harnessing the power of technology to support our financial institution clients’ success.”
Allied president Kelli Schultz added, “Today’s banking industry demands financial institutions to provide a simplified, faster and more transparent bill management experience. Our solutions, with the RF partnership, position us to deliver.”
“Allied is helping financial institutions build strategic relationships with consumers through technology solutions that support financial wellness. We’re excited to partner with the Allied team to accelerate product innovation and expand brand awareness across the banking ecosystem,” said Jacob Gordon, Director at RF. “We could not be more enthusiastic about working with this management team. Their depth, experience and track record in the payments market is truly impressive,” added Peter Fidler, Managing Partner at RF.
About Allied Payment Network
Allied Payment Network is an industry-leading provider of digital money movement technologies to the financial services industries. Allied’s suite of emerging online and mobile payment channels include solutions for Internet bill pay, small business payments, person-to-person, account-to-account, online loan payments and the ability to buy, sell and hold bitcoin, among others. For more information, visit www.AlliedPayment.com.
About RF Investment Partners
With offices in New York, Chicago and Dallas, RF is a private investment firm managing $550 million of capital (including private capital and projected SBA leverage) across various investment vehicles, including Small Business Investment Company (“SBIC”) funds. RF is dedicated to using flexible debt and equity financing solutions to support exceptional management teams in lower-middle-market companies. For more information, visit https://www.rf-partners.com.
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