PortX Closes $10 Million In Funding While Separating From ModusBox

By Noah Long ● Sep 21, 2022
  • PortX recently announced it raised $10 million in funding. These are the details.

PortX recently announced it raised $10 million in funding. 

Funding amount: $10 million

Funding round: Series A (total combined $17.5 million)

Investors: Fuse and BankTech Ventures. And they join Patamar Capital, Choice Bank, and American Capital Partners – the investors from the $7.5 million Series A round announced earlier this year

Other details; ModusBox’s Board of Directors approved a plan to separate PortX, the company’s North American-based integration software business for community financial institutions, from the Mojaloop development and support team delivering real-time payment infrastructure and financial inclusion initiatives. Plus the company announced that PortX closed a $10 million Series A funding round with Fuse and BankTech Ventures to propel company growth and scale product capabilities.

KEY QUOTE:

“FUSE invests in Pacific Northwest-based technology businesses with an unmistakable drive for solving the biggest industry challenges that organizations face today. PortX fits perfectly into our portfolio because its platform unlocks innovative new solutions, fintech partnerships, and speed to market for community financial institutions struggling to keep pace with big bank competitors with even bigger budgets.”

— Brendan Wales, Founding Partner at FUSE

“We were thrilled to double down on our investment and partnership with PortX. Just in the last four months, we’ve observed firsthand the benefits that PortX’s seamless integration platform provides to our network of banks. We are excited for the increased focus that the new PortX entity will have on the community banking world and working with the team to open new, innovative opportunities and fintech connections for our banks.”

— Carey Ransom, Managing Director at BankTech Ventures