Chexar Networks Changes Name to Ingo Money

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Move finishes the re-branding that started months ago when Chexar rebranded its mobile reload network from Spyke to Ingo

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Chexar Networks, Inc. (“CHEXAR®”), a leading provider of financial risk management solutions, announced today it is changing its name to Ingo Money, Inc. (“Ingo” or “Company”) effective immediately. Having been in business for 12 years, the company’s solutions provide consumers and enterprises that serve consumers the ability to convert any type of check into irreversible “safe to spend” value. The company calls this Good Funds and has solutions deployed in almost 5,000 bank and AFS locations, almost 1,000 ATMs and Kiosk locations and on mobile smartphones both through its commercial client’s solutions and direct to the consumer via Ingo – The Good Funds Network®. The Ingo mobile remote deposit capture load network operated with a limited number of beta participants this spring and is now in full commercialization adding significant programs over the course of the summer.

Ingo Money founder and Chief Executive Officer, Drew Edwards, commented, “Our product road map includes Good Funds solutions that go way beyond the check including account-to-card and card-to-card that will enable the consumer to load, deposit, or move Good Funds irreversibly from anywhere to anywhere. Therefore, we felt like the name Ingo Money was less limiting for our future. In addition, since there will be significant mass media as part of the marketing of the Ingo network including national TV, radio and digital campaigns, changing our corporate name will support our recruitment of talent in the marketplace.”

Ingo Money recently added industry veteran Will Sowell to its management team as President and Chief Operating Officer. For the past four years Will served as COO for the largest prepaid program manager in the market today, GreenDot, and prior to that he managed prepaid for GE Money and launched the Walmart Money Card.

Sowell added, “I joined Ingo because I see this as the next big evolution in prepaid and in helping the underbanked consumer. Whether we’re talking about the 68 million underbanked consumers who choose not to fully utilize the traditional banking systems or the 166 million mass-market consumers who are simply looking for a convenient way to take the delay and risk out of a check they received, Good Funds are good for everyone.”

About Ingo

Ingo Money, Inc® (formerly Chexar Networks, Inc.) has provided financial services to hard working individuals in the U.S. for 12 years. Ingo Money’s solutions enable consumers to convert any check into Good Funds; defined as money that is safe to spend because it doesn’t carry the risk of reversal. We believe that the population needs Good Funds solutions that give them easy and affordable control over their money. The company’s solutions include a consumer direct remote deposit capture network branded Ingo® delivered on smartphones and a white label commercial solution branded Ingo Enterprise® that powers banks and AFS companies to offer Good Funds across all of their channels including branch, ATM and smartphones.

Ingo Money is located in north and south Georgia where it operates a data center and two risk management centers employing almost 150 professionals. Ingo Money’s clients include some of the largest banks, AFS providers and payment networks in the world and millions of consumers are accessing good funds through our solutions. Learn more at ingomoney.com or contact Chez Echeverri at chez(at)ingomoney(dot)com.

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