LEADING FINTECH MONEYTHUMB ACQUIRED BY IRON CREEK

Rhea-AI Summary

MoneyThumb, a leader in automated document evaluation and fraud detection solutions, has been acquired by Iron Creek Partners , a private investment firm. The investment group also includes Main Street Capital (NYSE: MAIN). This acquisition aims to accelerate growth and innovation of MoneyThumb's SaaS document evaluation technology.

Key points:

• Ryan Campbell, previously heading business development, has been named the new CEO
• MoneyThumb has experienced 100% year-over-year annual growth
• The company's technology improves workflows for funders, lenders, and accountants by analyzing pdf financial documents rapidly
• MoneyThumb's AI file tampering detection tool identifies fraudulent activity quickly

The partnership is expected to support MoneyThumb's long-term growth objectives and help deliver more capital faster to small businesses.

Positive

• Acquisition by Iron Creek Partners provides growth capital
• 100% year-over-year annual growth demonstrates strong market demand
• Expansion of investor base to include Main Street Capital (NYSE: MAIN)
• Appointment of experienced insider Ryan Campbell as new CEO

Negative

• None.

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

FAQ

What is the purpose of Iron Creek's acquisition of MoneyThumb?

The acquisition aims to accelerate future growth and innovation of MoneyThumb's SaaS document evaluation technology, providing growth capital to meet strong industry demand.

How has MoneyThumb's growth been prior to the acquisition?

MoneyThumb has experienced 100% year-over-year annual growth, demonstrating strong industry demand for its services.

Who are the investors involved in the MoneyThumb acquisition?

The investment group is led by Iron Creek Partners and includes Main Street Capital (NYSE: MAIN).

What changes in leadership occurred at MoneyThumb following the acquisition?

Ryan Campbell, previously heading business development, has been named the new CEO. The company's founder, Ralph Mayer, will step down as CEO and assume an advisory role while retaining his board seat.