PortX Closes $16.5M Series B to Power Open Banking for Community Banks

PortX, a financial integration platform focused on community banks and credit unions, closed a $16.5 million Series B funding round on September 27, 2023. The round was co-led by FUSE and Curql, with additional participation from BankTech Ventures, EJF Capital, and Btech Consortium. PortX provides open banking infrastructure that helps smaller financial institutions connect to fintech partners and modernize their technology stacks without replacing legacy core systems.

The new capital will be used to accelerate the development of AI-powered tools, data automation capabilities, and fintech connector integrations. The investor base, which includes funds specifically focused on community financial institutions, underscores growing demand among smaller banks and credit unions for BaaS and embedded finance capabilities. PortX's platform positions these institutions to compete with larger banks and neobanks by enabling them to offer modern fintech-powered services to their customers.

The round signals continued investment in the middleware layer that connects traditional banking infrastructure with the broader fintech ecosystem.