ModoPayments (Modo), a Dallas, TX-based payments technology startup, completed an over $13M Series A financing.
The round, which brought the total amount raised to date to over $16M, included Deutsche Bank as well as other strategic and angel investors.
The company intends to use the funds to grow the team and expand its offerings.
Founded by Bruce Parker, along with a number of industry friends and colleagues, Modo provides a payment services marketplace that brings together users and providers of payment services through a single connection.
It 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 company is currently powering payments connections for Bank of America, Mastercard, FIS, Verifone, Etihad Airways, and Klarna among others.