Choice Bank Co-leads ModusBox Fintech Initiative
ModusBox, an infrastructure and integration technology company for financial services, announced the close of a $7.5 million Series A investment. The round is led by Patamar Capital, a social impact fintech venture fund, and co-led by Choice Bank. BankTech Ventures and American Capital Partners also participated in the round.
ModusBox was founded in 2013 and took on the challenge to improve lives by accelerating universal access to reimagined financial services. The company developed PortX, the Integration-Platform-as-a-Service (iPaaS) for the financial services industry, and collaborated to build a new class of real-time payment networks as one of the founding members of the Mojaloop project. Today, PortX is an industry-leading technology for community financial institutions (CFIs) 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.
The company will use the new funds to accelerate the development of its PortX products, drive key partnerships with advanced fintech solutions, and continue its contributions to the Mojaloop real-time payments ecosystem. The funds will also scale the company’s recruiting, marketing, customer success, and engineering groups as ModusBox responds to rapidly growing demand.
“Our partnership with ModusBox has allowed us to explore innovation and delivery of banking services in new ways and we are excited by the possibilities of what this means for our customers.” – Tim Heilman, Chief Innovation Officer of Choice Bank
CFIs leverage PortX to scale their IT infrastructure and organizational capabilities in developed economies to compete with big banks and deliver modern financial services to their customers. In developing countries, millions of people rely daily on microfinance institutions and other small lenders to support their livelihood and thriving economies. These small financial institutions can utilize the suite of ModusBox-supported solutions to simplify connectivity to real-time payment systems and minimize the operational costs and technical challenges of participating in a modern national payments infrastructure.
“Choice Bank is proud to have been a long-time customer and strategic partner of ModusBox,” said Tim Heilman, Chief Innovation Officer of Choice Bank. “We have observed firsthand the evolutionary progression of the PortX platform and were happy to partner with ModusBox as the sponsor bank for its ‘Fedwire-as-a-Service’ solution. Our partnership with ModusBox has allowed us to explore innovation and delivery of banking services in new ways and we are excited by the possibilities of what this means for our customers. We are thrilled to join the round and continue partnering with ModusBox in its mission to serve the communities and people who don’t currently have access to banking services.”
“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,” said David Wexler, Founder and CEO of ModusBox. “We could not be more excited to partner with Patamar Capital, Choice Bank, BankTech Ventures, and ACP in this round. 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. Our investors share in our mission to facilitate financial inclusion and will play an instrumental role in helping us drive worldwide interoperability and participation in national-level real-time payment networks.”
ModusBox is the infrastructure and integration technology company focused on open banking solutions that unlock access to banking core data, eliminate vendor dependencies, and simplify connections to fintechs and real-time payment networks. Our PortX platform is the iPaaS (Integration-Platform-as-a-Service) built for financial services. It helps financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. In addition, our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data.
Choice Bank is a division of Choice Financial Group.