San Diego, Calif. (August 29, 2024) – MoneyThumb, a leader in automated document evaluation and fraud detection solutions announced today that it has been acquired by Iron Creek Partners LLC (“Iron Creek”), a private investment firm with a focus on investments in the software, data, communications, and business services industries.  Iron Creek led the investment group, which also included Main Street Capital Corporation (NYSE: MAIN). The transaction will provide growth capital to help meet MoneyThumb’s strong industry demand, which has recently produced 100% year-over-year annual growth. The transaction closed on August 19, 2024.

Ryan Campbell, previously heading up MoneyThumb’s business development since 2017, has been named as the new chief executive officer and has joined the investor group. Ryan has played an integral role in leading MoneyThumb’s sales, marketing and business development strategy. Ralph Mayer, the company’s founder will step down as CEO and assume an advisory role and retain his board seat.  

Founded in 2014, MoneyThumb is an industry leading underwriting automation software that improves workflows for funders, lenders, and accountants by converting and analyzing pdf financial documents in seconds. The company also helps detect fraud with its AI file tampering detection tool that identifies fraudulent activity in seconds, giving lenders a powerful defense against risk and loan losses.

“This acquisition underscores MoneyThumb’s proven technology and strong industry demand, and supports our long-term growth objectives,” said Ryan Campbell. “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.”

“MoneyThumb has built a highly successful business through its algorithm-driven software, product innovation and a meticulous approach to delivering value and service to their customers,” said John Bingaman, Founder and Managing Principal of Iron Creek Partners LLC. “We look forward to working closely with MoneyThumb’s talented team to continue to grow the business and broaden the product suite.”

Financial terms of the transaction were not disclosed.

For more information on MoneyThumb, please visit www.moneythumb.com. 

About MoneyThumb

MoneyThumb is an advanced automation software solution that streamlines the lending underwriting process by converting bank statements instantly into actionable data. By exponentially increasing efficiency, accuracy and the detection of fraud – MoneyThumb empowers lenders and accountants to make faster, more informed and accurate decisions. MoneyThumb is headquartered in Encinitas, California, and serves customers globally. For more information visit www.moneythumb.com.

About Icon Creek

Iron Creek is a sector-focused, stage-independent private investment firm based in Santa Fe, NM, seeking attractive investment opportunities primarily in the software, data, communications, and business services industries. Iron Creek seeks to partner with strong management teams and to support its portfolio companies’ growth by leveraging its network of relationships and its sector experience.

About Main Street Capital Corporation

Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives within its lower middle market investment strategy. Main Street's lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street's middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.

Main Street, through its wholly owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties.  MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.

Media Contact      

• Tracy Rubin
• JCUTLER media group
• Tracy@jcmg.com    

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The integration allows alternative lenders to further automate traditionally manual processes and eliminate the risk of human error. Lenders can take advantage of MoneyThumb’s PDF Insights product within the Onyx IQ platform including fraud detection. “We are laser focused on delivering the most efficient alternative lending platform possible and part of that efficiency comes from partnering with smart technology,” said Liz Schuerman, VP of Sales at Onyx IQ.

“MoneyThumb is extremely excited about partnering with Onyx IQ to introduce its PDF Insights product to Onyx IQ’s clients,” said Ralph Mayer, MoneyThumb’s president. “We are confident that Onyx IQ’s clients will benefit from the natural synergies that exist between Onyx IQ’s lending solutions and MoneyThumb’s bank statement analysis solution.”

Product questions can be sent to info@onyxiq.com or don@moneythumb.com.

About Onyx IQ

Onyx IQ offers cloud-based lending solutions designed to help automate decisions and fund more deals – faster. Customers benefit from highly customizable workflow, configurable decision engine, internal/external collaboration and robust reporting – all in one integrated view.

The platform was created in 2017 by Jay Keller, CEO of Wall Street Funding. Jay has been deeply immersed in the Alternative Lending Industry with focus on the MCA / B2B space since 2006 and offers a wealth of leadership expertise. With a talent strategy focused on hiring industry professionals and aggressive product roadmaps, it is Onyx IQ’s mission to serve as the best loan management software available.

The company is headquartered in New York City and services lenders across the United States. For more information email info@onyxiq.com.

About MoneyThumb

MoneyThumb was launched in 2015 out of founder Ralph Mayer’s passion for improving workflows for accountants and bookkeepers who need to convert PDF documents into Excel, QuickBooks, and other formats. In 2017, MoneyThumb’s flagship file converter, PD2QBO was featured in the QuickBooks app store. That same year, MoneyThumb launched its innovative AI-powered PDF Insights product to help lenders, mortgage companies, and banks automatically convert financial documents like bank statements and tax documents into intelligent data used to deliver credit decisions more quickly and accurately. In 2020, MoneyThumb expanded its lender product offering with the launch of Thumbprint, an advanced AI file tampering detection tool that identifies fraudulent activity, giving lenders a powerful defense against risk and loan losses.

MoneyThumb is located in Encinitas, California, and serves customers globally. For more information, email info@moneythumb.com.

SOURCE Onyx IQ

Media Contact      

• • Tracy Rubin
  • JCUTLER media group
  • Tracy@jcmg.com

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