Partnership to Accelerate Future Growth and
Innovation of MoneyThumb's SaaS Document Evaluation
Technology
SAN
DIEGO, Aug. 29, 2024 /PRNewswire/
-- MoneyThumb, a leader in automated document evaluation and
fraud detection solutions announced today that it has
been acquired by Iron Creek Partners LLC ("Iron Creek"), a
private investment firm with a focus on investments in the
software, data, communications, and business services industries.
Iron Creek led the investment group, which also included Main
Street Capital Corporation (NYSE: MAIN). The transaction will
provide growth capital to help meet MoneyThumb's strong industry
demand, which has recently produced 100% year-over-year annual
growth. The transaction closed on August 19,
2024.
Ryan Campbell, previously heading
up MoneyThumb's business development since 2017, has been named as
the new chief executive officer and has joined the investor group.
Ryan has played an integral role in leading MoneyThumb's sales,
marketing and business development strategy. Ralph Mayer, the company's founder will step
down as CEO and assume an advisory role and retain his board
seat.
Founded in 2014, MoneyThumb is an industry leading underwriting
automation software that improves workflows for funders, lenders,
and accountants by converting and analyzing pdf financial documents
in seconds. The company also helps detect fraud with
its AI file tampering detection tool that identifies fraudulent
activity in seconds, giving lenders a powerful defense against risk
and loan losses.
"This acquisition underscores MoneyThumb's proven technology and
strong industry demand, and supports our long-term growth
objectives," said Ryan Campbell.
"This partnership marks an exciting milestone for our company and
with the support of Iron Creek, we are well-poised to accelerate
our growth, continue to deliver exceptional software solutions for
our customers and help lenders manage risk and deliver more capital
faster to small businesses."
"MoneyThumb has built a highly successful business through its
algorithm-driven software, product innovation and a meticulous
approach to delivering value and service to their customers," said
John Bingaman, Founder and Managing
Principal of Iron Creek Partners LLC. "We look forward to working
closely with MoneyThumb's talented team to continue to grow the
business and broaden the product suite."
Financial terms of the transaction were not disclosed.
For more information on MoneyThumb, please visit
www.moneythumb.com.
About MoneyThumb
MoneyThumb is an advanced automation
software solution that streamlines the lending underwriting process
by converting bank statements instantly into actionable data. By
exponentially increasing efficiency, accuracy and the detection of
fraud – MoneyThumb empowers lenders and accountants to
make faster, more informed and accurate decisions. MoneyThumb is
headquartered in Encinitas,
California, and serves customers globally. For more
information visit www.moneythumb.com.
About Icon Creek
Iron Creek is a sector-focused,
stage-independent private investment firm based in Santa Fe, NM, seeking attractive investment
opportunities primarily in the software, data, communications, and
business services industries. Iron Creek seeks to partner with
strong management teams and to support its portfolio companies'
growth by leveraging its network of relationships and its sector
experience.
About Main Street Capital Corporation
Main Street
(www.mainstcapital.com) is a principal investment firm that
primarily provides long-term debt and equity capital to lower
middle market companies and debt capital to middle market
companies. Main Street's portfolio investments are typically made
to support management buyouts, recapitalizations, growth
financings, refinancings and acquisitions of companies that operate
in diverse industry sectors. Main Street seeks to partner with
entrepreneurs, business owners and management teams and generally
provides "one stop" financing alternatives within its lower middle
market investment strategy. Main Street's lower middle market
companies generally have annual revenues between $10 million and $150
million. Main Street's middle market debt investments are
made in businesses that are generally larger in size than its lower
middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC
Adviser I, LLC ("MSC Adviser"), also maintains an asset management
business through which it manages investments for external parties.
MSC Adviser is registered as an investment adviser under the
Investment Advisers Act of 1940.
Media Contact
Tracy Rubin
JCUTLER media group
Tracy@jcmg.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/leading-fintech-moneythumb-acquired-by-iron-creek-302233545.html
SOURCE MoneyThumb