DALLAS, Nov. 27, 2018 /PRNewswire/ -- ModoPayments (Modo), the payments technology startup focused on reducing friction in payments, today announced the completion of over $13M Series A financing. This latest round brings the total amount of funding in the company's history to over $16M. Investors who participated in the round include Deutsche Bank as well as other strategic and angel investors. The round also included returning investors from previous seed rounds.
Modo was founded in Dallas, Texas by Bruce Parker, along with a number of industry friends and colleagues. Bruce has been a thought leader in the payments industry for over 18 years while working in strategy for some of the largest and most widely used payments technology companies in the world. He has seen firsthand the challenges in reducing friction throughout the payments ecosystem.
Modo's technology is used by a variety of global players in the financial industry to optimize and manage their payment systems. Modo not only allows for connections to be made without requiring changes to the systems involved, but also ensures good-funds throughout the transaction lifecycle which eases the back-office burden for clients. Modo utilizes best in class security to ensure protection of transactional and client data. The funding from the Series A will be used to grow the team and expand the offerings of the company which has seen a seven-fold growth of transaction volume over the past year.
Deutsche Bank announced their investment in Modo in August 2018 adding that the bank will be using Modo's technology to access digital endpoints around the globe like M-Pesa, PayPal, Alipay, and WeChat to disburse funds globally.
"Deutsche Bank is committed to bringing continued innovation to our customers, and partnering with financial technology companies like Modo will allow us to do that faster. We believe Modo has developed a compelling proposition to address the needs of an evolving payments landscape and increasingly digital economy. We are proud to add them to our list of partners," said Rick Striano, Managing Director of Digital Product Development at Deutsche Bank, "We could not be more excited to work with Deutsche Bank and our other partners moving forward.
"We have some big ideas for the future of the payments industry, and having these world class investors in our corner puts us that much closer to our goal of reducing friction in payments for everyone," said Bruce Parker, Founder & CEO of Modo. "The Modo team has been working hard to create the best technology to manage the differences between payments systems. Completing our Series A is a great way to confirm that we've built something great, and this is just the beginning of our growth phase."