CIBC Innovation Banking Provides Growth Capital to PortX

SEATTLE--(BUSINESS WIRE)--CIBC Innovation Banking announced today 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.

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."

About CIBC Innovation Banking

CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America - a longer track record than most banks. CIBC Innovation Banking now has over $11 billion in funds managed including life sciences, health care, cleantech companies, investors, and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years. The bank operates out of 14 global locations in San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. Connect with us today to start the conversation. Innovationbanking.cibc.com

About PortX

PortX is the first AI-native integration platform built specifically for community banks and credit unions, providing an API-first foundation to connect systems, activate data, govern AI, and make every action logged, traced, and tracked. PortX is SOC 2 and ISO 27001 certified, based in Seattle, and backed by Fuse, BankTech Ventures, Curql Collective, the American Bankers Association, EJF Capital, and Allied Solutions, representing investment from more than 350 financial institutions. https://portx.io/