Financial Integration Startup PortX Secures $16.5 Million in Series B Funding
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• Funding underscores shift toward open banking and the demand for seamless core integration and innovation
• Investors represent 200 community financial institutions
• PortX forms Credit Union Service Organization (CUSO)
SEATTLE, September 27, 2023-- PortX, a leader in integration and open banking for community financial institutions and fintechs, announced today the successful close of its Series B funding round, securing $16.5 million, co-led by FUSE, a Pacific Northwest-based venture capital firm, and Curql, a collective of forward-thinking credit unions. They are joined by BankTech Ventures, EJF Capital, and the Btech Consortium - all financial services-focused investment firms representing nearly 200 community financial institutions. Today’s announcement comes one year after the company secured $10M to close its Series A funding.
Additionally, the company announced a new subsidiary in the form of a CUSO due to the strong backing from the Curql Collective, which manages a strategic investment fund representing 68 credit unions and credit union industry partners. This marks a strategic move for PortX to better serve its credit union customers.
Nick Evens, President and CEO at the Curql Collective, remarked, “Our investment in PortX is a statement of belief in their unparalleled technology and vision. The creation of a CUSO will deepen their relationship with credit unions, offering more customized and effective solutions. We’re proud to partner with a company that understands the unique needs of these community financial institutions.”
PortX’s mission is to remove the barriers that impede innovation in financial services. The company’s Integration Platform as a Service (iPaaS) provides financial institutions with flexible infrastructure that delivers open access to data, simplified application connectivity, and accelerated adoption of new technologies and networks.
With the infusion of Series B funding, PortX is set to accelerate its role as a game-changer in financial services, focusing on several transformative initiatives. These include developing the next generation of products and support that will empower banks and credit unions with unparalleled technological advantages. Enhanced AI offerings and data automation components will further fortify these institutions with cutting-edge capabilities. Additionally, the company’s marketplace of connectors aims to revolutionize the speed at which banks can integrate fintechs and third-party apps, streamlining operations and improving user experience. The investment will also fuel PortX’s commitment to providing exceptional technology specifically tailored to meet the complex demands of banks and credit unions. And its innovative paradigm of low-code tooling gives financial institutions the agility they need to adapt quickly and stay ahead in a highly competitive landscape.
"We at FUSE see PortX as a game-changer in the open banking ecosystem. Their vision and technology align perfectly with the industry's evolving needs,” said Brendan Wales, Founding Partner at FUSE. “This is our second investment in the company, and it’s not just a vote of confidence in PortX, but a bet on the transformative power of open banking in shaping the future of commerce and financial services. And it’s exciting to partner alongside other visionary investors who are equally committed to innovating and improving financial services for FIs.”
"There is an unmistakable sense of urgency and importance around open and seamless core integration for community banks and credit unions. The financial backing we've received from these investors only emphasizes this industry-wide imperative,” said David Wexler, CEO of PortX. “With their partnership, we're accelerating a monumental shift toward open banking, arming financial institutions with the next-generation tools they need to elevate their products and services. I think the market has spoken, and it's clear: the future of financial services hinges on innovation. I’m excited because PortX is at the forefront of that transformation."
PortX is an integration technology company focused on financial services infrastructure that delivers open access to core data and enables rapid project delivery, innovation, and optimal customer experiences. Our solutions facilitate interoperability between internal systems and member services such as online banking, credit checks, mortgage and loan applications, and more, allowing for a real-time 360-degree view of the customer. We help financial institutions empower their teams to connect to fintech partners and real-time payment networks like Zelle®, ACH, Fedwire, Mojaloop, and others. For more information, please visit www.portx.io.