ModusBox bags $7.5m Series A to speed up innovation

ModusBox, an infrastructure and integration tech firm for financial services, has closed a Series A investment round on $7.5m.

The round was co-led by Patamar Capital and Choice Bank and saw participation from BankTech Ventures and American Capital Partners.

Founded in 2013, ModusBox claims it has taken on the challenge of improving lives by accelerating universal access to reimagined financial services. The firm has developed PortX, which is an integration-platform-as-a-servive for the financial services industry.

ModusBox claims that today, PortX is an industry-leading technology for community financial institutions that unlock access to banking core data, eliminates vendor dependencies and creates simplified connectivity for the new wave of FinTechs are real-time payment networks that are ‘reshaping the global financial system’.

The company claims it will use the new capital to speed-up the development of its PortX products, drive key partnerships with advanced FinTech solutions and continue its contributions to the Mojaloop real-time payments ecosystem.

In addition, the funds will also scale the firm’s recruiting, marketing, customer success and engineering groups as ModusBox responds to rapidly increasing demand.

ModusBox founder and CEO David Wexler said, “The global financial services industry is in the middle of a massive transformational shift fueled by unprecedented social behavioral changes, red hot consumer demand, and new technologies introduced daily. We could not be more excited to partner with Patamar Capital, Choice Bank, BankTech Ventures, and ACP in this round.

“Our goal is to accelerate digital transformation for our CFI customers, enabling them to embrace the new era of open banking and embedded finance with the fintech partnerships and crypto solutions their customers want. Our investors share in our mission to facilitate financial inclusion and will play an instrumental role in helping us drive worldwide interoperability and participation in national-level real-time payment networks.”

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