CIBC Innovation Banking provided growth capital financing to PortX. PortX is an AI-native data integration platform built for community banks and credit unions. The company will use the capital for continued growth and product development.
Financing type
CIBC Innovation Banking supplied non-dilutive capital. The bank described the financing as substantive. The funding will back PortX's growth initiatives.
Lender context
CIBC Innovation Banking has 25 years of experience with growth-stage tech and life science companies. The bank manages over $11 billion in funds. It operates from 14 locations across North America and London.
Platform reach
PortX connects core banking systems, fintech applications, data, and real-time payments. It links to more than 30 banking cores and more than 100 fintech applications. The platform also supports ACH, FedNow, and wire payment rails.
PortX is based in Seattle and holds SOC 2 and ISO 27001 certifications. Its backers include Fuse, BankTech Ventures, Curql Collective, the American Bankers Association, EJF Capital, and Allied Solutions. Sound Credit Union reclaimed more than 10,000 business hours using PortX.