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Ingo Payments Acquires Deposits Inc., Redefining Money Mobility for Banks and Corporates with the Launch of Its Modern Money Stack

ALPHARETTA, Ga., September 5, 2024 – Ingo Payments, a trusted leader in account funding and disbursements solutions defined as Money Mobility, announced its acquisition of Deposits Inc., a provider of modern banking software tools and infrastructure. This acquisition accelerates the launch of its Modern Money Stack, which will enable banks, fintechs and brands to transform money flows into full, feature-rich accounts that foster new relationships, revenue streams, and utility, delivered in a modern, modular, compliant and cost-efficient way. 

With its acquisition of Deposits, Ingo has created a modern, modular, bank-grade, end-to-end platform that connects money in and money out through its Modern Money Stack. This stack includes a processor-agnostic side core and the tools necessary for banks to confidently meet regulatory obligations, reduce third- and fourth-party risk, and offer modern financial services to their customers. Underpinned by a bank-grade ledger, it provides banks with visibility into real-time account balances and provides control over customer onboarding workflows, issued accounts, payments orchestration, velocity and fraud controls, sanctions screening and customer relationship management. For financial services innovators, it reduces operational complexity and cost, and offers no code, low code, API, SDK, SSO and custom SaaS integrations supporting an array of account issuing, money mobility and user experience features.

“With Deposits Inc.’s innovative software tools and banking infrastructure now integrated into Ingo’s platform, we are uniquely positioned to offer a vertically integrated solution that combines issuing, compliance, risk, and money mobility capabilities under one roof,” said Joseph Akintolayo, CEO of Deposits Inc. “This partnership is the next logical step in our vision of empowering institutions with the technology they need to not just manage transactions, but to create meaningful, lasting relationships with their customers.”

“The future of payments is about turning transactions into relationships that impact overall economics, money flows and customer experiences. The launch of our Modern Money Stack enables banks and enterprises to manage complex, multilayered payment flows and, optionally, turn a payment into an account or wallet–powered by our proprietary money mobility capabilities–that becomes the basis for a relationship and a broader ecosystem, adding value to both the issuer and the account holder,” said Drew Edwards, CEO of Ingo.

Ingo Payments’ acquisition of Deposits Inc. closed on August 30, 2024. Waller Helms Advisors acted as exclusive financial advisor to Deposits, Inc.