Philadelphia, PA - September 20, 2006 MODASolutions, a provider of alternative payment solutions, today announced the closing of a US $11 million round of financing. The funding was led by Celtic House Venture Partners, one of Canada's largest early- stage technology investors. Propulsion Ventures, an early-stage investor focused on software and Internet services companies, and existing investors BDC Venture Capital and the Ottawa Angel alliance also invested in the venture capital round. The proceeds will be used to grow MODASolutions’ operations in the North American market.
“We chose investment partners that will actively contribute to the growth of the business” said Marwan Forzley, President and CEO of MODASolutions. “This investment round will support SECURE-eBill’s momentum in the alternative payment marketplace. As we expand our merchant and consumer acquisitions, and pursue key growth initiatives, we look forward to capturing a greater share of this profitable market.
MODASolutions’ SECURE-eBill targets multi-channel merchants in North America, and drives incremental sales by offering payment options that do not rely on credit. SECURE-eBill offers a fast, familiar, and safe payment option to any consumer with an online bank account. Consumers simply select the SECURE-eBill payment option at checkout and, seconds later an invoice confirming their purchase arrives by e-mail. They then pay the invoice from their online bank account, just as they would pay any other bill online.
“By leveraging the comfort and security of online banking, MODASolutions’ SECURE-eBill payment option taps an emerging and lucrative market of consumers who do not have credit cards, or who prefer not to use credit cards when shopping online.” said 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.”
ABOUT MODASolutions
MODASolutions provides proprietary software solutions that significantly reduce the risk of e-commerce transactions for both consumers and merchants. MODASolutions’ flagship offering, SECURE-eBill™, allows consumers to pay for online purchases through the security and convenience of their existing online bank accounts. With SECURE-eBill, merchants are better able to capture sales, manage fraud, reduce costs, and satisfy consumer demand for secure online shopping. MODASolutions has a strategic relationship with MasterCard RPPS®, an electronic payment network that leading consumer service providers, billers, and lockbox service providers utilize as their single service connection. MODASolutions has offices in Philadelphia, Atlanta, and Ottawa.
For more information, please visit www.MODASolutions.com and www.SECURE-eBill.com.
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