Texas-based payments technology firm Modo has raised over $13m in a Series A funding round that involved the participation of Deutsche Bank.

Earlier this year, the German lender unveiled plans to leverage Modo’s technology to extend its capabilities into alternative channels including Klarna, PayPal, Alipay, and WeChat.

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Modo funding details

Deutsche Bank managing director of digital product development Rick Striano said: “Deutsche Bank is committed to bringing continued innovation to our customers, and partnering with financial technology companies like Modo will allow us to do that faster.

“We believe Modo has developed a compelling proposition to address the needs of an evolving payments landscape and increasingly digital economy.”

Deutsche Bank was joined by other strategic and angel investors in the latest Modo funding round. The investment takes the total capital raised by the payments firm till date to more than $16m.

The payments firm intends to use the new capital to expand offerings as well as increase headcount.

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Modo founder and CEO Bruce Parker said: “We have some big ideas for the future of the payments industry, and having these world class investors in our corner puts us that much closer to our goal of reducing friction in payments for everyone.

“The Modo team has been working hard to create the best technology to manage the differences between payments systems. Completing our Series A is a great way to confirm that we’ve built something great, and this is just the beginning of our growth phase.”