New Billionaire Entrepreneur and Venture Capitalist, Ollie Howie, and the New Community Transformation Fund Invests in B2B Payment Platform Zil Money, Inc.

GRAND RAPIDS, MI / ACCESSWIRE / June 1, 2023 / New Community Transformation Fund (NCTF), a Grand Rapids-based venture fund aimed at investing in technology companies with a diverse culture, has made an investment in Zil Money, Inc., a four-year old business-to-business company that provides simple and secure platforms for small and medium business owners to move and manage money seamlessly online and on-demand. The investment made by NCTF was finalized last year.

Zil Money will use the NCTF investment to continue supporting its more than 500,000 customers in the online accounts payable and receivable space. As part of the investment, the company, founded in 2019 by entrepreneur Sabeer Nelli, will relocate its headquarters to Grand Rapids. This is the second startup for Nelli. The first was TylerPetroleum.com, a Texas company with $60 million in revenue and more than 200 employees. The company was recognized on a recent Inc. 5000 Fastest Growing Private Companies in America's as one of the fastest-growing startups. While running TylerPetroleum Nelli regularly encountered account payable issues, that lead to him starting what is now Zil Money.

"I needed a better solution for accounts payable for the business as we were using a variety of payment providers for different vendors," said Nelli. "We had so many vendors, which was expensive, and it required a massive commitment of time, so I started to think through how we could streamline things into one online platform."

Zil Money officially spun out as its own product and company in 2019. "I am honored to have NCTF investing in our startup," expresses Nelli. "I'm excited to plant our roots in Grand Rapids and continue disrupting the online payment platform industry with our unique offerings." Zil Money fits the firm's thesis of investing in emerging companies within financial technology, life sciences, advanced manufacturing, food and agribusiness, e-commerce, and information technology. Those are the primary industries that the fund will focus on with investments expected to range between $250,000 to $1 million.

Ollie Howie is also a serial entrepreneur who met Sabeer a few years ago and believed in the vision as an advisor, then as a board observer and investor. Ollie Howie led one of his founded startups, American Entertainment Worldwide, to raise a seed round at a billion-dollar valuation at the end of last year. Ollie is one of the youngest ever to accomplish this feat and sees the possibility for Zil to reach a billion-dollar valuation as well. Ollie Howie, who leads deal opportunities, sourced the investment and has become acquainted with Nelli's vision.

"Zil Money has something special with the onlinecheckwriter.com site and Zil Money," said Ollie Howie, Managing Director, NCTF. "Already, the company has serviced thousands of customers and has processed billions in volume, so we're excited to see the company continue to innovate and expand its financial software to small-and medium-sized businesses."

As managing director, Howie is responsible for guiding the work of the organization to achieve its mission by sourcing deal flow and building relationships with investors and the community. He also leads business growth through creating, negotiating, and closing investment opportunities, all duties that he has managed in some capacity in previous roles. He also helped raise additional capital through a Mount Auburn Venture Partners SPV for Zil Money to have additional capital. Ollie plans to continue to keep investing in high growth startups that "help the economy grow."

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About ZilMoney.com

ZilMoney.com is a B2B, account payable and account receivable platform designed to create an FDIC, insured new bank account, or bring your local bank account. It is an all-in-one payment and Banking Platform for Small businesses, Freelancers & Startups. Zilmoney.com has more than 460,000 customers on its flagship platform called www.onlinecheckwriter.com and moved billions to date. Zilmoney offers to Pay or get paid the way you want through Credit, Debit, ACH, Printable Check, Wallet-to-Wallet, Wire, etc. Keep your records accurate to improve visibility and control. Customers can print their checks instantly on any printer to wire payment with a single button tap. ZilBank.comsupports the banking services of Zil Money.

Zil Money offers Expense cards, Vendor Management, Cloud-based User/Approval Flow, Invoicing, Positive pay, Auto Reconcile, and Print Deposit Slips, pay or get paid by text, link, or email seamlessly. The company's platform converts ACH to RTP and paper checks to digital ones; it offers services without any account fee and manages money through data aggregation from the bank. It also provides vendor credit, Credit notes, Payroll cards, Virtual cards, cash management, etc. It also allows auto reconciliation of payments and prevents fraud. Zil Money enables small businesses to mail paper checks and documents from anywhere.

CONTACT:

Ollie Howie
olliehowie1@gmail.com

SOURCE: ZilMoney.com