ModusBox, an open banking software firm that assists financial institutions and government regulators in their effort to promote interoperability and financial inclusion, has raised $7.5 million in a Series A funding round. Patamar Capital and Choice Bank led the investment, which also included BankTech Ventures and American Capital Partners, LLC. The company created Portx, an integration platform-as-a-service for the financial services sector. PortX provides access to banking core data, reduces vendor dependencies, and simplifies connectivity for the new wave of FinTechs that are reshaping the global financial system. The funds will be used to accelerate the development of PortX products, forge critical collaborations with innovative fintech solutions, and continue to contribute to the Mojaloop real-time payments ecosystem. As ModusBox responds to rapidly increasing demand, the money will also be used to scale the firm’s hiring, marketing, customer success, and engineering units.
ModusBox bags $7.5m Series A to speed up innovation | FinTech Global.