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Payments technology startup Modo mops up $13M in Series A Funding

US based payments technology startup, ModoPayments (Modo), has announced the completion of over $13 million Series A financing, bringing the total amount of funding in the company’s history to over $16 million. Investors who participated in the round included Deutsche Bank as well as other strategic and angel investors. The round also included returning investors from previous seed rounds.

Modo which was founded in 2010 by industry veteran Bruce Parker, along with a number of industry friends and colleagues,  provides a cloud based utility that works with banks, networks, eCommerce players, processors, and their partners to enable interoperability between payment systems.

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. 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.

One of the key equity investors in Modo is Deutsche Bank, who announced their investment back in August 2018.  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.

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Quantum Group acquires mobile cashback app Tail

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