Allied Payment Network, which offers payment technology services to financial institutions, has secured an undisclosed amount of investment from RF Investment Partners.

The company will utilise the proceeds to accelerate product innovation and growth strategies.

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Allied founder and CEO Ralph Marcuccilli said: “This new investment from RF underlines our commitment to remaining the market leader in providing first-to-market, modernised solutions that meet consumer and small business payments expectations.

“Together with RF, we can capitalise on additional opportunities that further our mission of harnessing the power of technology to support our financial institution clients’ success.”

Allied president Kelli Schultz stated: “Today’s banking industry demands financial institutions to provide a simplified, faster and more transparent bill management experience. Our solutions, with the RF partnership, position us to deliver.”

Based in Indiana, Allied offers money movement services to banks and credit unions. The company’s solution suite includes FlexPay, PicturePay, P2P, eBills and PortalPay. The company also offers solution to sell and hold bitcoin among others.

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Commenting on the investment, RF managing partner Peter Fidler said: “Allied is helping financial institutions build strategic relationships with consumers through technology solutions that support financial wellness.

“We’re excited to partner with the Allied team to accelerate product innovation and expand brand awareness across the banking ecosystem.

“We could not be more enthusiastic about working with this management team. Their depth, experience and track record in the payments market is truly impressive.”