RF Investment Partners, a provider of structured growth capital, is pleased to announce an additional strategic investment in portfolio company Allied Payment Network. Allied is an industry leader in real-time, open-network payment solutions for banks and credit unions across the U.S. RF has partnered with Plymouth Growth as a co-investor on the additional capital infusion.
Allied was founded in 2010 with the mission to help banks and credit unions compete in an increasingly global market by providing world-class, turnkey payment tools. The company allows consumers to manage bills for thousands of companies from one location, all from their bank or credit union’s digital application, with a suite of online and mobile payment solutions, including online bill pay, P2P, PicturePay®, BizPay, PortalPay, A2A, Vault, and online loan payments.
“It’s an exciting time at Allied. We’ve experienced exceptional growth this past year due in no small part to RF’s initial 2022 investment, and we’re inspired by the deepening confidence that this additional funding demonstrates,” said Allied CEO Geoff Knapp. “We continuously seek to improve the Allied platform to serve the expectations of our expanding client base and support our mission. This round of capital is critical to meeting those goals, and we’re excited to see how Allied and RF can continue growing together in 2024.”
With the support of RF’s additional investment, the team at Allied expects to double the company’s year-over-year revenue growth and increase the number of transactions by 40% percent in 2024. The investment will also allow Allied to continue its focus on developing the next generation of its infrastructure, positioning the company for increased growth with financial institutions in the $5B to $50B asset class.
“We’re proud to continue to support the Allied platform as it embarks on a paramount year,” said RF Director Jacob Gordon. “As the company starts to see the scoreboard light up in terms of growth and efficiency in the market, RF is excited to step in and bolster the team to new heights and opportunities for expansion. This is truly an investment in the growth of the business and a sign of continued success for Allied.”