Payment infrastructure and service provider Interchecks has raised $16m in Series B funding round co-led by Senator Investment Group and Standard Investments.

Bettor Capital, Commerce Ventures, Nuvei, and Shift4 Ventures also joined the round.

The latest funding will support Intercheck’s aim to facilitate money transfers for fintech, online gaming and digital assets ecosystem applications.

To that end, Intercheck will use the proceeds to support Visa Direct, RTP, stablecoins, and compliance.

The payment services provider also plans to strengthen its workforce.

Interchecks co-founder and CEO Dylan Massey said: “The calibre of investors in our Series B solidifies Interchecks’ position as one of the most innovative and trusted platforms in payments. Early bets we made on people, markets, and bank partners proved valuable, and we could not be more excited to enter the next phase of our growth.”

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The startup was founded in 2016 to simplify payments for businesses. The company’s APIs can be used by clients looking to enable ‘instant’ payments through their applications.

Standard Investments head of markets AJ Murphy said: “Interchecks’ dedication to instant payments, and its ability to capture a significant share of online gaming by signing accounts like FanDuel at such an early stage in their development, is unmatched.”

Senator fintech sector head Joe Armao said: “Interchecks is winning with vision, speed, and execution. Interchecks’ lean team impressively punches above their weight, and we’re thrilled to support their next phase of growth and scaling.”