Michigan group investing in Allied Payment Network
By Doug LeDuc | Greater Fort Wayne Business Weekly
Allied Payment Network at the Northeast Indiana Innovation Center in Fort Wayne has attracted an investment of several million dollars from an Ann Arbor, Mich., investment group, Plymouth Growth Partners.
“Allied’s rapid growth over the past three years combined with its unique market position as a platform-agnostic (running on any computer operating system) bill pay provider makes it a great addition to the Plymouth Growth Partners portfolio,” Jeff Barry, a Plymouth partner, said in a statement.
“We are enthusiastic about the innovations Allied has and continues to bring to the bill pay industry. We look forward to working with Allied’s talented management team to increase the company’s footprint in the fintech (financial technology) arena.”
Allied was first to the market with a photo bill pay product it calls PicturePay, which allows financial institution customers to pay bills by taking pictures of them with mobile phones they have arranged to use for that purpose.
The investment group funding will be used for innovation and some workforce expansion.