Modo startup closes over USD 13 mln in Series A funding

Wednesday 28 November 2018 10:50 CET | News

ModoPayments, a fintech startup focused on reducing friction in payments, has announced the completion of Series A funding with over USD 13 mln.

The total amount of funding in the company’s history goes up to over USD 16 million after this latest round. 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.

A variety of global players in the financial industry utilise Modo’s technology in order to optimise and manage their payment systems. Modo allows for connections to be made without requiring changes to the systems involved, and it also ensures good-funds throughout the transaction lifecycle.

However, the funding from the Series A will be used to grow the team and expand the offerings of the company. Deutsche Bank has announced the acquirement of an equity stake in ModoPayments in August 2018 – thus expanding towards non-bank payment platforms –, adding that the bank will be using Modo’s technology to access digital endpoints around the globe like Klarna, PayPal, Alipay, and WeChat to disburse funds globally.

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Keywords: ModoPayments, Modo, fintech, startup, payments , Series A, Deutsche Bank, payment platforms, online payments
Countries: World

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