Deposits Inc., a cloud-based banking platform known for its low-code/no-code banking software tools and infrastructure, has been acquired by Ingo Payments, a financial services provider based in Alpharetta, Georgia.
The deal, which closed on August 30, adds Dallas-based Deposits’ software to Ingo’s new Modern Money Stack, a platform that helps banks, fintechs, and brands manage money flows and accounts in a compliant and cost-effective way, according to a news announcement. Financial terms were not disclosed.
“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.
Akintolayo, who co-founded the company in 2019, called the partnership “the next logical step” in its mission to help institutions not only manage transactions but also “create meaningful, lasting relationships with their customers.”
Deposits was founded with the vision to “level [the] playing field so that financial brands can launch, scale, and manage modern digital banking and payments for their customers,” Akintolayo said on LinkedIn. “To fulfill this vision, our team pioneered no code/low code kits that empowered developers and operators alike to collaboratively assemble modern financial experiences in a compliant way.”
Deposits emerged from stealth in 2022 with a mission to democratize banking, calling it a “Shopify for banking.” Later that year, Dallas Innovates reported that the company raised $5 million in seed funding led by ATX Venture Partners and secured $100,000 from Google’s Google for Startups Black Founders Fund.
The rise of modern banking—and meeting new market demands
The acquisition comes at a time when digital banking is booming. In 2023, 85% of new accounts were opened with digital-only banks, according to Ingo. Traditional banks are also pushing to upgrade their systems, with 75% seeking to move beyond outdated core technologies.
Ingo’s Modern Money Stack, now bolstered by Deposits’ software, aims to meet this growing demand by offering a platform that simplifies compliance, reduces risk, and enhances customer relationships through real-time insights and control over financial transactions.
Founded 23 years ago, Ingo operated 12 bank branches serving the underserved Latino population in Atlanta. Today, its “Money Mobility” platform processes billions of dollars annually for banks and businesses in highly regulated industries such as lending, insurance, and gaming, the company said.
Ingo’s history reflects its long-standing commitment to helping financial institutions innovate in compliance and risk management with a platform that integrates compliance, fraud prevention, and risk management capabilities, providing large enterprises and banks across industries.
With its acquisition of Deposits, Ingo said it has created a modern, modular, bank-grade, end-to-end platform that connects money in and money out through its Modern Money Stack.
The future of payments is about ‘relationships’
“The future of payments is about turning transactions into relationships that impact overall economics, money flows, and customer experiences,” Ingo CEO Drew Edwards said in a statement. The CEO said Ingo’s Modern Money Stack lets banks and enterprises manage complex payment flows and turn payments into accounts or wallets, adding value for both issuers and account holders.
According to Ingo, the platform offers a flexible, processor-agnostic core and tools that help banks meet regulatory requirements, reduce third- and fourth-party risk, and provide modern financial services. It features a secure ledger for real-time visibility into account balances, and controls for customer onboarding, payments, fraud prevention, and compliance.
For companies, Ingo says the platform reduces operational complexity and costs, offering a variety of integration options, including no-code and low-code solutions, APIs, and custom software integrations to support account issuing and money management.
Waller Helms Advisors acted as exclusive financial adviser to Deposits Inc.
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