MoneyThumb Acquired, Ryan Campbell Takes Over as CEO, and What to Expect
Ryan Campbell will take over as CEO of MoneyThumb as part of the deal announced earlier today. MoneyThumb is being acquired by an investment group led by Iron Creek Partners LLC that includes Main Street Capital Corporation (NYSE: MAIN). Campbell was for a long time MoneyThumb’s EVP of Sales & Marketing. Ralph Mayer, MoneyThumb’s founder, will move on to an advisory role and retain his board seat.
MoneyThumb is widely known in the small business finance industry for two signature products it offers, PDF Insights, which reads and analyzes financial documents, and Thumbprint, which assesses whether documents have been manipulated and could be fraudulent.
The idea for the company, which originated over a decade ago, came to Ralph Mayer when someone had asked him a basic question, could he convert the data in a PDF file?
“I had been in software my entire career. I was an angel investor and I was looking to get into something a little bit different,” Mayer said of the time when the idea for MoneyThumb came to him. “Originally we got started selling software to accountants.”
MoneyThumb soon encountered a field that seemed to handle an unlimited number of PDFs and was ripe for the product they were building. It was the MCA & revenue based financing industry. MoneyThumb has made a name for itself in it ever since.
Ryan Campbell told deBanked that it’s actually quite common for funding companies to be on the receiving end of manipulated bank statements and that about 6% of the documents they analyze on average end up meeting or surpassing the scoring threshold they’ve built to indicate manipulation.
“It happens a whole lot more than what you would think,” Campbell said.
One major trend they’ve noticed is that before covid 90% of fraudulently submitted bank statements did not even have financial columns that reconciled numerically whereas now most fraudulent ones today do. Today’s fraud, because of how good scammers have gotten, may not even be noticeable to the naked eye which is why their technology has become even more important.
Campbell said that as part of the acquisition it will be business as usual with their clients. The company is keeping its name and Iron Creek is going to continue letting them do what they do best. MoneyThumb is used by both funders and ISOs and Campbell is regularly seen on the industry trade show circuit.
“This acquisition underscores MoneyThumb’s proven technology and strong industry demand, and supports our long-term growth objectives,” Campbell said in an official statement. “This partnership marks an exciting milestone for our company and with the support of Iron Creek, we are well-poised to accelerate our growth, continue to deliver exceptional software solutions for our customers and help lenders manage risk and deliver more capital faster to small businesses.”
Last modified: August 29, 2024
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.
