PortX raises $16.5m in Series B funding round
PortX, a US-based technology company offering integration software for the financial services industry, has secured $16.5 million in a Series B funding round.
PortX secures $16.5m Series B funding
The round was co-led by venture capital firm Fuse and credit union collective Curql, which were joined by BankTech Ventures, EJF Capital and the Btech Consortium – all financial services-focused investment firms representing nearly 200 community financial institutions.
The company’s latest round of funding succeeds its $10 million Series A of September 2022.
With the fresh funding, PortX says it will “concentrate on transformative initiatives” which will benefit both community banks and credit unions, through product development, enhanced artificial intelligence (AI) offerings and automation features, and expansion of PortX’s marketplace to accelerate “fintech connectivity”.
“We have re-invested in PortX because they not only provide cutting-edge integration software but also actively address the major barriers community banks face in their digital transformation journey, including organizational resistance, legacy technology, and fear of disruption,” says Carey Ransom, managing director at BankTech Ventures.
Along with the funding, PortX has also launched PortX CUSO, a Credit Union Service Organisation, in order to customise PortX’s solutions to meet the “unique” requirements and regulations of credit unions.
Founded in 2013 and based in Seattle, USA, PortX operates an Integration-Platform-as-a-Service (iPaaS) specifically for financial institutions, with its solutions enabling interoperability between internal systems and customer services such as online banking, credit checks, mortgage and loan applications through open access to data.
