PortX Raises $17.5M Series A for BaaS Platform Serving Community Banks

PortX announced a $17.5 million Series A funding round on May 4, 2023, aimed at accelerating its BaaS-like integration platform designed for community banks. The round included $10 million from Fuse and BankTech Ventures. PortX, which spun off from ModusBox, provides technology that enables community banks to connect with fintechs through seamless integrations.

CEO David Wexler emphasized the platform's role in bridging the gap between traditional banking infrastructure and fintech innovation. Carey Ransom of BankTech Ventures highlighted the investment's alignment with supporting community banks' digital transformation. The funds will be used to expand the platform's capabilities and onboard more banking and fintech partners.

The deal underscores growing investor interest in middleware and integration layers that power embedded finance for smaller banks.