AAA ModoPayments swipes $13m

ModoPayments swipes $13m

US-based payment technology developer ModoPayments collected $13m in a series A round yesterday that included financial services firm Deutsche Bank.

The round featured a range of unnamed strategic and angel investors, including existing shareholders.

Founded in 2010, ModoPayments provides a cloud-based platform which enables banks, merchants, networks, payment processors and their partners to send and receive digital payments.

The company said the series A capital, which brings its total funding to more than $16m, will be used to hire staff.

In August 2018, Deutsche Bank said it had acquired an equity stake in ModoPayments through an undisclosed amount of funding. The financial services firm invested $5.2m in the business for the stake, according to the Dallas Business Journal.

ModoPayments’ technology has enabled Deutsche Bank to enhance its existing digital business-to-business and business-to-consumer payments services, as well as payments into non-banking platforms.

Rick Striano, managing director of digital product development at Deutsche Bank, said: “We believe Modo has developed a compelling proposition to address the needs of an evolving payments landscape and increasingly digital economy.”

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