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CIBC Innovation Banking Provides Growth Capital to PortX

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CIBC Innovation Banking Provides Growth Capital to PortX

CIBC Innovation Banking announced that it has provided growth capital financing to PortX, an AI-native data integration platform built for community banks and credit unions. The company will use the financing to support continued growth and product development.

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PortX’s platform connects core banking systems, fintech applications, data and real time payments through reusable API-first infrastructure. It connects to more than 30 banking cores, more than 100 fintech applications, and the ACH, FedNow, and wire payment rails.

“Community banks and credit unions have deep relationships with their customers and understand their markets uniquely well,” said David Wexler, CEO of PortX. “PortX enables them to move faster and more efficiently by connecting their core systems, applications, and payment rails through a modern, API-first platform. Our customers are already seeing significant benefits, Sound Credit Union is one example of more than 10,000 business hours reclaimed. With CIBC Innovation Banking’s support, we’re accelerating our ability to help more institutions unlock similar efficiencies.”

“CIBC Innovation Banking is delighted to support PortX’s growth initiatives with a substantive amount of non-dilutive capital,” said John Flemming, Managing Director, CIBC Innovation Banking. “PortX provides community banks and credit unions with access to core and application banking platform solutions that would otherwise be costly and time consuming to build on their own. We’re excited to be alongside them in their growth journey.”

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