IPP of America (“IPP”), a leading provider of electronic payment services, announced that it has closed a $20.5 million round of venture capital investment led by Old Lane, LP. Also participating in the round were Hamilton Investment Partners, LLC and existing investor Edison Venture Fund. Launched in 1993, IPP of America, Inc. operates the largest national network of independent neighborhood-based payment centers in the United States. This investment will be used to enhance IPP’s array of electronic payment services while accelerating its growth and advancing its operating platform.
With over 8,000 IPP payment centers located in every major metropolitan area hundreds of thousands of people rely on IPP’s reliable, safe electronic payment services. The company is successfully establishing authorized payment relationships with billers across a variety of industries and provides payment processing for a network of non-contracted billers. IPP is the only walk-in payment provider that supports real time payment processing for most major wireless carriers and satellite television companies. The firm has also amassed an impressive list of integration and distribution partners that use IPP’s technology to provide bill payment services.
“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. A veteran of electronic payments, Averett was until the summer of 2006 chief executive of Princeton eCom Corp.
“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. We expect IPP to generate impressive growth and emerge as one of the top players in the broader electronic bill payments marketplace.” 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. Principals at Old Lane, LP, Hamilton Investment Partners, and Edison Venture Fund have invested together previously, including investments in Mr. Averett’s previous company, Princeton eCom, a leader in electronic bill payment.