1060 Capital, LLC advised Allied Payment Network—a provider of business and consumer bill pay solutions—on its sale to Autobooks.
Allied Payment Network Inc. was founded in 2010 and is based in Fort Wayne, Indiana. The company offers online bill payment solutions to financial institutions and consumers with services such as FlexPay, an internet bill payment solution; PicturePay, which allows customers to pay their bills by taking a picture of the invoice with their mobile phones; P2P, a payment solution that speeds person-to-person transactions and provides fraud protection; A2A, an account verification solution that allows users to move funds between financial institutions; and eBills, a bill management tool that provides bill images. Allied also provides Vault, a keyword-searchable filing cabinet for bills, receipts, and insurance documents; BizPay, a solution that allows small businesses to send payroll and direct payments without financial reviews; and PortalPay, a standalone solution that allows one-time loan payments from external lending institutions. The company primarily serves banks and credit unions. For more information, visit Allied Payment Network here.
They were more than advisors — they were true partners. Their hands-on approach and unwavering commitment made all the difference in closing this transformative deal. Selling a company requires immense trust in your advisors. 1060 Capital, LLC earned our trust through their transparency, integrity, and unwavering focus on our best interests. We couldn’t have asked for a better team to guide us.
“Allied Payment Network has spent more than a decade helping financial institutions bring modern bill pay solutions to market — and we’re incredibly proud of the trust we’ve built and the relationships we’ve formed along the way,” continued Knapp. “Joining Autobooks marks an exciting new chapter. By combining our strengths in payables with their all-in-one receivables and accounting platform, we’re setting the stage for what’s next in small business banking — a more complete, connected experience delivered right inside digital banking.”
With the acquisition of Allied Payment Network, Autobooks gains a robust bill pay infrastructure that currently supports over 500 financial institutions, 150,000 customers, and processes more than $5 billion in payments each year. With this transaction, Autobooks aims to create the first true all-in-one platform for small businesses, integrating receivables, payables, accounting, and cash flow management directly into digital banking to deliver a more seamless and complete financial experience to its customers.
“This marks an inflection point for both Allied, being one of the last Independent bill payment providers in the U.S. with a long history of serving consumers and businesses via its banking and credit union customers, and Autobooks, by joining together to provide a more complete solution for businesses that is fairly unique in the market today,” stated David Francione, Managing Director of Fintech at 1060 Capital, LLC. “This transaction fits squarely into our bank technology and payments cross sector focus,” added Mr. Francione.
Autobooks is a leading provider of invoicing, digital payment acceptance, and accounting solutions for small businesses — fully integrated into online and mobile banking. Based in Detroit, Autobooks is trusted by thousands of banks and credit unions nationwide to help them grow and retain small business relationships. For more Information, visit Autobooks here.
The investment company professionals on 1060 Capital, LLC’ dedicated Financial Technology & Payments Team work with leading middle market companies operating in the Payments market to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our FinTech Banking Team, contact us here.
