IPP of America Inc., a Fairfield, N.J., provider of bill payment services through retail storefronts, said Tuesday that it had raised $20.5 million of additional funding from three venture capital firms.
Also Tuesday, IPP announced that it had hired Ronald Averett as its chief executive officer.
Mr. Averett was the CEO of a competitor, Princeton eCom Corp., which Online Resources Corp. acquired in 2006. He left Princeton eCom just after the deal closed.
The new funding for IPP was led by Old Lane LP, which Citigroup Inc. acquired last year. Vikram S. Pandit, Old Lane's cofounder, is now Citi's CEO.
Hamilton Investment Partners LLC and Edison Venture Fund, a previous investor in IPP, also contributed funding.
IPP, founded in 1993, offers its services through software and equipment installed at its retail partners' 8,000 locations.
