ModusBox, a Seattle, Wa-based infrastructure and integration technology company for financial services, announced that it closed $7.5 million Series A funding.

The round was led by Patamar Capital, a social impact fintech venture fund, and co-led by Choice Bank, a leading sponsor bank. BankTech Ventures and American Capital Partners also participated in the round.

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.

Company: ModusBox, Inc.

Raised: $7.5M

Round: Series A

Funding Month: April 2022

Lead Investors: Patamar Capital and Choice Bank

Additional Investors: BankTech Ventures and American Capital Partners

Company Website: https://modusbox.com/

Software Category: Banking Solutions

About the Company: Founded in 2013, 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.

Source: https://modusbox.com/news/modusbox-secures-7-5-million-in-series-a-funding-to-accelerate-innovation-for-community-financial-institutions/