Back to Blog

Modo Payments Closes $2 Million in Funding

ModoHomepage

Payments connection startup Modo Payments closed on a fresh $2 million in funding this week.

Notable contributors to the round include:

  • Tim Keith: CEO of Central Texas Partners
  • John Beletic: partner at Oak Investment Partners
  • Jay Kassing: owner of fintech company Marquis

ModoCOINToday’s round, when added to the Texas-based company’s 2014 Seed round of $2 million, brings its total funding to $4 million.

The Dallas Business Journal discussed Modo’s growth with the startup’s CEO Bruce Parker, who stated, “Over the course of the year, we’re looking to double on almost every dimension*…. Last year, we did $1.7 million in bookings.”

Additionally, Parker noted that Modo will partner with a PayPal competitor this spring, connecting it to U.S. retailers.

Modo’s new initiative, dubbed COIN, works as the “plumbing” in the payments industry. COIN sends money from just about any source, whether it’s a legacy system or new, cloud-based system, and delivers it to any destination. Modo describes COIN as a “shipping container” for intermodal payments.

Modo CEO Bruce Parker describes COIN in his FinDEVr San Francisco presentation titled, Mobile Payments are Dead . . . Long Live Digital Payments.

ModoDEVr15Demo

Modo CEO Bruce Parker at FinDEVr San Francisco 2015.

*Meaning everything from bookings to employees.