InnoVentry gets $253 million to grow

SAN FRANCISCO - InnoVentry Corp. completed a $253 million round of funding led by Capital One Financial Corp. companies. Since its founding in 1998, the company has raised more than $400 million and established a network of 900 automated financial kiosks in retail outlets.

InnoVentry's RPM Network, which provides check-cashing services for those who don't have bank accounts, has enrolled more than one million customers and cashed $1 billion in checks.

The company said the funding will be used to grow its network to 4,000 units. InnoVentry recently announced an agreement with the Kroger Co. to install its kiosks at 1,500 stores.

Capital One, based in Falls Church, Va., is a leading provider of financial services on the Internet. Wells Fargo & Co., which already owned a stake in InnoVentry, contributed to the latest funding round.