STRATEGIC PARTNERS
February 3, 2003
DALLAS -- CashWorks Inc., a provider of technology solutions for the non-bank financial services industry, has completed its B round of funding, raising more than $5 million.
According to a news release, the lead investor is Capital Southwest, one of the nation's largest publicly-owned venture capital investment companies with more than $280 million in assets.
"In addition to tremendous financial resources, (Capital Southwest) has a uniquely long-term outlook that will help us realize our aggressive growth plans and build a dominant market position," said Ken Rees, president of CashWorks, in the release.
CashWorks' patent-pending PayPort technology leverages the ATMs already installed in retail locations to provide low-cost check cashing and other services.
(See related story Checking out the CashWorks program)
According to the release, the company has deployed the PayPort in nearly 300 retail locations across 13 states. Rees expects that number to grow to more than 1,000 by the end of 2003.
