Interchecks Secures $50M Series C to Expand Instant Payments Infrastructure; Launches Account Funding Transactions

Interchecks, an instant payments platform serving sportsbooks, fintechs, and financial institutions, has announced a $50 million Series C funding round led by Bettor Capital, Commerce Ventures, Decades Holdings, and Thayer Street Partners. The company also revealed the general availability of Account Funding Transactions ("AFT"), which allows businesses to fund eligible accounts using debit credentials, aimed at providing fast and secure funding experiences.

Dylan Massey, Co-Founder and CEO of Interchecks, stated, "Since we founded Interchecks a decade ago, our goal has been simple: make money move faster, more safely, and with more control than anyone thought possible. This raise lets us go deeper on the technology and the team, and AFT is a direct expression of what we've been building toward."

The AFT product aims to streamline the deposit process in digital finance by facilitating quick and safe account funding while managing risk through integrated controls. Clients of Interchecks can now utilize debit card rails for real-time account funding, equipped with fraud protection features. This functionality complements Interchecks' existing Pay-by-Bank funding solution, all available through a single RESTful API for easier integration.

Risk management features in AFT include account verification, real-time duplicate card detection, customizable velocity limits, and proactive monitoring of potentially suspicious activities to minimize chargeback risk before funds are transferred.

In its 10-year history, Interchecks has processed over $50 billion in transactions, achieved triple-digit net revenue growth year over year for the past seven years, and has been profitable since 2023. The company is recognized as a certified PCI Level 1 Service Provider and SOC 2 Type 2 certified, collaborating with major global networks such as Visa and Mastercard.