Former Center for Financial Services Innovation (CFSI) and Core Innovation Capital portfolio company TIO Networks has been acquired by PayPal. CFSI invested in TIO Networks back in 2005 while Core, a fintech VC firm, invested in 2013.
TIO Networks is a cloud-based, multi-channel bill payment processor that processed more than $7 billion in payments for 14 million customers in 2016 through web and mobile along with a series of kiosks and walk-in locations. Seventy-nine per cent of their customers are from low-to-moderate income households and pay bills in cash at convenience stores and other retailers.
“PayPal’s acquisition of TIO represents one of CFSI’s greatest impacts to date,” said Jennifer Tescher, founder and CEO of CFSI. “In TIO, we made an early investment that helped a strong innovator become a financial health champion, and the company has built an incredible business around a real consumer pain point, shaped it, and demonstrated that it can be done profitably. Under the larger umbrella of PayPal, TIO should scale even further to benefit more Americans.”