MODASolutions, a provider of alternative payment solutions including e-checks for online purchases, has received $11 million in new financing. The funding was led by Celtic House Venture Partners, one of Canada`s largest early-stage technology investors, and Propulsion Ventures, an early-stage investor focused on software and Internet services companies. Existing investors BDC Venture Capital and the Ottawa Angel alliance also invested in the round. The company says it will use the proceeds to grow MODASolutions` operations in the North American market.
MODASolutions` SECURE-eBill targets multi-channel merchants in North America by offering payment options that do not rely on credit. Consumers who want to pay for purchases with funds from a bank account select the SECURE-eBill payment option at checkout and, seconds later, receive via e-mail an invoice confirming their purchase. They then pay the invoice from their online bank account.
"By leveraging the comfort and security of online banking, MODASolutions` SECURE-eBill payment option taps into an emerging and lucrative market of consumers who do not have credit cards or who prefer not to use credit cards when shopping online," says Andrew Waitman, managing partner at Celtic House Venture Partners. "The payment landscape will evolve to include a wider choice of payment options. We are excited about the growth of MODASolutions, and their ability to service these emerging customer segments."