PortX, described as a vanguard in integration and open banking for community financial institutions and fintechs, has bagged $16.5m
The firm garnered $16.5m, a sum co-orchestrated by FUSE, a notable venture capital name from the Pacific Northwest, and Curql, a group of avant-garde credit unions. Also rallying behind PortX’s vision were BankTech Ventures, EJF Capital, and the Btech Consortium, notable investment groups catering to nearly 200 community financial institutions.
Offering a bridge over innovation roadblocks in the financial sector, PortX unfurls its Integration Platform as a Service (iPaaS). This groundbreaking tool endows financial institutions with malleable infrastructure, laying down pathways for unhindered data access, simplified application amalgamation, and brisk adoption of nascent technologies and networks.
The recent injection of funds is poised to propel PortX further into its pivotal role in the financial world. The firm has its sights set on multiple transformative undertakings, including crafting futuristic products and services that will furnish banks and credit unions with unmatched technological prowess.
Plans to amplify AI capabilities and automated data processes stand to further arm these institutions, while PortX’s innovative marketplace of connectors seeks to expedite bank integrations with fintechs and external apps. Additionally, a resolute drive towards offering unique, top-tier technology tailored for banks and credit unions, combined with their pioneering approach to low-code tooling, positions financial bodies to adapt swiftly in a ferociously competitive milieu.
Curql Collective CEO Nick Evens said, “Our investment in PortX is a statement of belief in their unparalleled technology and vision. The creation of a CUSO will deepen their relationship with credit unions, offering more customised and effective solutions. We’re proud to partner with a company that understands the unique needs of these community financial institutions.”
Brendan Wales, Founding Partner at FUSE, voiced, “We at FUSE see PortX as a game-changer in the open banking ecosystem. Their vision and technology align perfectly with the industry’s evolving needs. This is our second investment in the company, and it’s exciting to partner alongside other visionary investors who are equally committed to innovating and improving financial services for FIs.”
David Wexler, CEO of PortX, proclaimed, “There is an unmistakable sense of urgency and importance around open and seamless core integration for community banks and credit unions. The financial backing we’ve received from these investors only emphasises this industry-wide imperative. I think the market has spoken, and it’s clear: the future of financial services hinges on innovation. I’m excited because PortX is at the forefront of that transformation.”
It’s noteworthy that this Series B round is announced in the wake of PortX securing $10m just a year prior in its Series A round.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global