MCAP Inc., together with its subsidiary, Aspyre Settlement Funding, Inc., originates, purchases, and resells structured settlements from beneficiaries of insurance, litigation, and lottery awards.
The company’s structured settlement is a contract between a plaintiff and defendant, whereby the plaintiff agrees to settle a lawsuit (usually a personal injury, product liability, or medical malpractice claim) in exchange for periodic payments over time. Recipients of structured settlements are permi...
MCAP Inc., together with its subsidiary, Aspyre Settlement Funding, Inc., originates, purchases, and resells structured settlements from beneficiaries of insurance, litigation, and lottery awards.
The company’s structured settlement is a contract between a plaintiff and defendant, whereby the plaintiff agrees to settle a lawsuit (usually a personal injury, product liability, or medical malpractice claim) in exchange for periodic payments over time. Recipients of structured settlements are permitted to sell their deferred payment streams pursuant to state statutes that require certain disclosures, notice to the obligors and state court approval. Through such sales, the company purchases a certain number of fixed, scheduled future settlement payments on a discounted basis in exchange for a single lump sum payment, thereby serving the liquidity needs of structured settlement holders. The company resells the purchased deferred payment stream to investors generating a transactional profit or spread.
Discontinued Operations
In 2010, the company discontinued the direct marketing, sale, and support of its software services.
History
The company was founded in 1995. It was formerly known as MangoSoft, Inc. and changed its name to Mango Capital, Inc. in 2011 and changed its name to MetaCap Inc. in November 2021. Further, its name changed to MCAP Inc. in March 2022.