[Digital Today reporter Chi-gyu Hwang] Interchecks, an instant payments platform for sportsbooks, fintech firms and financial institutions, has raised $50 million in a Series C round led by Better Capital, Commerce Ventures, Decade Holdings and Theairstreet Partners.

Interchecks also formally launched its account funding transaction (AFT) function.

AFT uses debit card payment rails to deposit funds into accounts in real time and includes built-in fraud-prevention features.

It can be used for account-to-account transfers, neobanks, neobrokerages and deposits into crypto wallets. It is provided through a single REST API along with the existing pay-by-bank deposit solution, allowing clients to offer various deposit methods without separately integrating multiple systems.

Justin Zaw (저스틴 자오), senior vice president and head of Visa Direct North America, said, "Interchecks provides solutions that help businesses move funds faster and more securely and continues to advance the payments ecosystem."

Interchecks has processed more than $50 billion in cumulative transaction volume over 10 years and recorded triple-digit net revenue growth for seven consecutive years. It has remained profitable since 2023.