Paytech Modo in good mood with $13m investment
Payments technology company Modo has just boosted its total funding to $16 million. This comes after its successful completion of a $13 million Series A funding round, reports Julie Muhn at Finovate.
Investors include Deutsche Bank – whose participation was announced in August – as well as new and existing angel investors. Modo will use the funding to grow its team and expand on its offerings.
Deutsche Bank will use Modo’s technology to boost its digital business-to-business and business-to-consumer payments and extend its payment capabilities into non-traditional channels such as the mobile wallets and peer-to-peer networks of Alipay, Paypal, M-Pesa, and WeChat.
Rick Striano, managing director of digital product development at Deutsche Bank, says: “We believe Modo has developed a compelling proposition to address the needs of an evolving payments landscape and increasingly digital economy.”
Instead of integrating its solutions, Modo focuses on interoperability.
The company exchanges payment data across platforms on behalf of banks, payment networks, and providers, enabling them to store, share, and track payment event data.
In the past year, the company’s transaction volume has grown 7x.