ModusBox, a Seattle startup whose technology helps integrate financial services, has raised $7.5 million in a Series A funding round, the company announced Thursday.
Founded in 2013, ModusBox’s signature product is PortX, an Integration-Platform-as-a-Service (iPaaS) for the financial services industry. The company calls it an “industry-leading technology for community financial institutions that unlocks access to banking core data, eliminates vendor dependencies, and creates simplified connectivity for the new wave of Fintechs and real-time payment networks that are reshaping the global financial system.”
ModusBox will use the new cash to accelerate development of the PortX products, drive key fintech partnerships, and continue its contributions to the Mojaloop real-time payments ecosystem.
“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,” ModusBox founder and CEO David Wexler said in a statement. 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.”
ModusBox, which employs 52 people and had revenue of $8.5 million in 2021, licenses its software to 37 customers and plans to scale its recruiting, marketing, customer success, and engineering groups to meet growing demand.
The funding round was led by Patamar Capital and Choice Bank, with participation from BankTech Ventures and American Capital Partners.
