PortX is a new entity launched by ModusBox. The company is focused on financial services integration software that unlocks access to banking core data, eliminates vendor dependencies and enables banking-as-a-service solutions.
Alongside the launch of the company, PortX has raised US$10m in funding, which adds to the US$7.5m it raised in April 2022. Investors include FUSE, BankTech Ventures, Patamar Capital, Choice Bank and American Capital Partners.
This capital will enable PortX to scale its operations.
ModusBox is a global software company offering equitable and inclusive financial services by driving participation in real-time payments. The decision to spin off PortX was made to enable each side to maximise their potential.
It claims that by being separate entities, they can realise additional financial security, independently pursue strategic objectives and better allocate capital.
PortX is focused on offering best-in-class integration solutions to CFIs and FinTechs. Its software helps empower financial institutions to connect with FinTech partners and real-time payment networks like Zelle, ACH, Fedwire, Mojaloop and more.
Its solutions enable interoperability between internal systems and member services such as online banking, credit checks, mortgage and loan applications and others.
Speaking on the investment, FUSE founding partner Brendan Wales said, “FUSE invests in Pacific Northwest-based technology businesses with an unmistakable drive for solving the biggest industry challenges that organisations 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.”
Last year, ModusBox teamed up with DocFox to improve onboarding. Through the deal, the companies help banks and credit unions improve their onboarding processes as well as connect with other companies.
The partnership aims to lower costs for financial institutions when managing high risk and business account opening.
