MoneyThumb, a company specializing in automated document evaluation and fraud detection for financial institutions, has been acquired by an investment group led by Iron Creek Partners.
The acquisition includes
Iron Creek, which according to Main Street is the majority equity investor, did not disclose the financial details of its part of the deal. Iron Creek said the acquisition would help it expand its product suite.
MoneyThumb "has recently produced 100% year-over-year annual growth," according to
In tandem with the acquisition, MoneyThumb promoted Ryan Campbell, who previously headed the company's business development, to CEO. Ralph Mayer, who founded the company in 2015, stepped down to assume an advisory role and retain his board seat.
"This acquisition underscores MoneyThumb's proven technology and strong industry demand, and supports our long-term growth objectives," Campbell said in the press release.
MoneyThumb's software expedites the loan-underwriting process by converting bank statements into more usable data such as spreadsheets and Open File Exchange, an industry standard file format for exchanging financial information. Converting statements to these more readily usable file formats helps lenders make faster and more informed decisions, the company said.
MoneyThumb also offers a product that has become its namesake: Thumbprint. The product allows institutions to upload applicant-submitted documents — bank statements, tax returns, paystubs, W-2s and others — and scan the documents for inconsistencies that may indicate the document is forged or otherwise fraudulent.
Thumbprint compares details in the document against other documents from the same institution. Once the product runs these comparisons, it provides the institution an authenticity score, indicating how legitimate the document appears based on those detailed comparisons.
Iron Creek specializes in corporate acquisitions and buyouts, management buyouts, growth equity and other investments. The private-equity firm typically invests in companies with $2 million to $5 million of earnings before interest, taxes, depreciation and amortization,
Iron Creek has seven other companies in its portfolio, including three related to background screenings. The Santa Fe, New Mexico, firm said it is seeking investment opportunities in the software, data, communications and business services industries.
Main Street said its portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies.
