PortX Secures $16.5M in Series B Funding

Published 8 months ago

PortX, a pioneer in the realm of open banking and integration for community financial institutions and fintechs, has announced the successful closure of its Series B funding. The funding round amassed $16.5 million and was co-led by FUSE, a venture capital firm based in the Pacific Northwest, and Curql, a collective of progressive credit unions.

Participation of Multiple Investors

Joining the co-leaders in this funding round were BankTech Ventures, EJF Capital, and the Btech Consortium. These financial service-oriented investment firms represent almost 200 community financial institutions. This announcement comes on the heels of a $10 million Series A funding round that the company completed one year prior.

A New Subsidiary: Credit Union Service Organization

PortX also disclosed the formation of a new subsidiary, a Credit Union Service Organization (CUSO). This strategic move was facilitated by the strong support from the Curql Collective, a strategic investment fund representing 68 credit unions and credit union industry partners. The formation of the CUSO signifies PortX’s commitment to better serving its credit union customers.

Nick Evens, President and CEO at the Curql Collective, highlighted their belief in PortX’s technology and vision. He noted that the creation of a CUSO would strengthen their relationship with credit unions, enabling more customized and effective solutions.

PortX’s Role in Financial Innovation

PortX’s mission is to eliminate the hurdles that hamper financial services innovation. Its Integration Platform as a Service (iPaaS) equips financial institutions with a flexible infrastructure that offers open access to data, simplified application connectivity, and hastened adoption of new technologies and networks.

The company plans to use the Series B funding to accelerate its position as a transformative player in financial services. The focus will be on multiple transformative initiatives including the development of next-generation products and support to empower banks and credit unions with unmatched technological advantages.

Revolutionizing Financial Services with Open Banking

David Wexler, CEO of PortX, emphasized the significance of open and seamless core integration for community banks and credit unions. He affirmed that the financial support received from the investors underscores the industry-wide necessity. With this partnership, PortX aims to expedite a significant shift towards open banking, providing financial institutions with the next-generation tools they require to enhance their products and services.

About PortX

PortX is a technology company specializing in financial services infrastructure. It provides open access to core data and enables rapid project delivery, innovation, and optimal customer experiences. PortX’s solutions facilitate interoperability between internal systems and member services such as online banking, credit checks, mortgage and loan applications, providing a real-time 360-degree view of the customer. The company aids financial institutions in connecting to fintech partners and real-time payment networks.