Seattle startup ModusBox raises $7.5M to satisfy demand for its monetary providers integration tech

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ModusBox, a Seattle startup whose know-how helps combine monetary providers, has raised $7.5 million in a Sequence A funding spherical, the corporate introduced Thursday.

Based in 2013, ModusBox’s signature product is PortX, an Integration-Platform-as-a-Service (iPaaS) for the monetary providers {industry}. The corporate calls it an “industry-leading know-how for group monetary establishments that unlocks entry to banking core information, eliminates vendor dependencies, and creates simplified connectivity for the brand new wave of Fintechs and real-time fee networks which might be reshaping the worldwide monetary system.”

ModusBox will use the brand new money to speed up growth of the PortX merchandise, drive key fintech partnerships, and proceed its contributions to the Mojaloop real-time funds ecosystem.

“The worldwide monetary providers {industry} is in the midst of a large transformational shift fueled by unprecedented social behavioral adjustments, pink sizzling shopper demand, and new applied sciences launched every day,” ModusBox founder and CEO David Wexler stated in an announcement. Our objective is to speed up digital transformation for our CFI prospects, enabling them to embrace the brand new period of open banking and embedded finance with the fintech partnerships and crypto options their prospects need.”

ModusBox, which employs 52 individuals and had income of $8.5 million in 2021, licenses its software program to 37 prospects and plans to scale its recruiting, advertising, buyer success, and engineering teams to satisfy rising demand.

The funding spherical was led by Patamar Capital and Alternative Financial institution, with participation from BankTech Ventures and American Capital Companions.

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