PortX, an AI-powered data integration platform for banks and credit unions, has closed a strategic growth round backed by Allied Solutions and the American Bankers Association (ABA), according to a Monday (Oct. 20) news release.
PortX said the new funding will accelerate adoption of its PiXi artificial intelligence-powered platform, which unifies integration, data and payments in one secure environment. The company serves more than 200 banks and credit unions through its Integration-Platform-as-a-Service (iPaaS) model, which is designed to help financial institutions move faster and operate more efficiently, per the release.
“The investment extends PortX’s Series B funding round and underscores strong industry confidence in the company’s ability to help financial institutions move faster and operate smarter,” the company said in the release.
The round includes renewed participation from existing investors, BankTech Ventures, Curql Collective, BTech Consortium and EJF Capital.
“We’re humbled by the fact that the financial industry keeps doubling down on the work we’re doing,” PortX CEO David Wexler said in the announcement. “The addition of Allied Solutions and the ABA represents massive faith in our platform and the value it delivers to FIs.”
Allied Solutions, which supports more than 6,000 financial institution clients, will use PortX as the foundation for its core-connectivity strategy, per the release. “PortX offers the innovative technology needed to deliver fast, secure, and proven integrations,” said Pete Hilger, CEO of Allied Solutions.
The partnership reflects a broader modernization wave identified by PYMNTS, as banks adopt middleware and data-integration platforms to improve speed, efficiency and real-time connectivity.
Brooke Ybarra, the ABA’s senior vice president of innovation, said PortX’s execution and scalability position it well to support innovation across the banking ecosystem.
The new capital will advance PortX’s PiXi AI roadmap, which integrates data intelligence into core and payments connectivity. As PYMNTS recently reported, banking technology providers are increasingly embedding AI and automation within integration layers to power smarter, faster data exchanges.
Source: https://www.pymnts.com/