SAN FRANCISCO -- InnoVentry Corp., a provider of automated check-cashing services, has completed its third (Series C) round of funding, worth $253 million. The investment was made by a syndicate of companies led by Capital One (NYSE: COF) and including Wells Fargo & Co. (NYSE: WFC).
InnoVentry has raised more than $400 million since it was founded in 1998 as a joint venture of the wholesale bank of Wells Fargo and Cash America International, Inc. (NYSE: PWN).
InnoVentry is the creator of the RPM Network of automated financial kiosks that allow consumers to cash checks, withdraw funds and perform other financial transactions. InnoVentry has deployed more than 900 RPM machines in retailers including Albertson's, Circle K, H-E-B Pantry Foods, Kmart, Kroger, Texaco and Wal-Mart.
InnoVentry says it has enrolled more than 1 million customers and has cashed more than a billion dollars worth of checks.
Key components of the Series C round include equity investments, working capital lending facilities and lease finance commitments that will allow the company to increase its network of cash management machines to approximately 4,000 units. Under a technology and knowledge-sharing agreement, Capital One is providing its risk management and "test and learn" capabilities to InnoVentry.
