ModusBox Raises $7.5M in Series A Funding ModusBoxThe Series A funding for, a Seattle-based integration and infrastructure technology company, was $7.5M.
Patamar Capital led the round with Choice Bank and American Capital Partners. The company plans to use the funds for the acceleration of the development and partnerships with advanced fintech solutions. It will also continue its contributions to Mojaloop’s real-time payments ecosystem. Additionally, it will recruit and market top talent to support customer success and engineering. ModusBox’s CEO David Wexler is responsible for providing open banking solutions. These solutions allow access to core banking data, eliminate vendor dependence, simplify connections with fintechs, and real-time payments networks. PortX is an Integration-Platform-as-a-Service (iPaaS) for community financial institutions (CFIs) that gives access to banking core data, eliminates vendor dependencies, and creates simplified connectivity for fintechs and real-time payment networks that are reshaping the global financial system. It helps financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. The solutions allow for interoperability among online banking, credit checks and mortgage applications. This allows for an accurate and timely view of customer data.