Company Name: Modo or ModoPayments
Founder: Bruce Parker, CEO
Press Contact: Lindy Nelson, email@example.com, 214-238-4792
Company Description: Modo provides a COIN® operated Digital Payments Hub that connects new digital experiences to payments systems worldwide. Modo’s patented COIN® transaction takes monetary value from just about any source, and can deliver it to just about any destination, without requiring partners to modify their systems. Truly a ‘shipping container for global payments’, the Modo COIN® simplifies the complex world of payments in the digital era.
CEO Bio & Headshot
Bruce Parker is a self-declared #paymentsgeek and has been a visionary and strategist for some of the largest and most innovative (according to them) payments technology companies in the world. Bruce has created new products, built partnerships and shaped strategy that has moved the payments industry, in some cases, to tears. Bruce founded Modo, in part because he had no idea what he was doing, but he remains the CEO until someone figures this out. Modo was recently granted a patent for its COIN® payments technology for connecting payments systems to new digital experiences. Bruce has the uncanny ability to connect the most diverse payments industry participants, and now has a company to help others do the same. Oh, and Bruce is also an accomplished diner and can recommend the best restaurant in any city in the world, and the best valued (red) wine on their wine list.
Modo Finovate Fall NYC 2016
Klarna & Modo Money2020 Europe 2016
Modo started with a missed opportunity. Bruce Parker, a payments and business strategy expert at companies like S2 Systems, eFunds, ACI Worldwide, and FIS, was asked to give a report on the future of mobile payments to one of his former employers, but was never invited to present the findings he had worked over a year on gathering. Frustrated and disappointed, he called his friend John Keenan for advice and was “encouraged” to start his own company (Bruce’s posterior, and general position and velocity were referenced). The idea for Modo was born.
The founding team, who call themselves “ModoNauts”, developed the original technology platform, and Bruce set out to bring the magic of Modo to the mobile payments world. Modo was officially founded on July 15, 2010. But, this didn’t happen without hardship. Modo was bootstrapped by the founding team in the beginning, hoping and praying that their invested time and money would be worth it in the long-run.
The company got established, and picked up some early customers and investors. There were multiple office moves, new employees joining the team, conferences attended, funding rounds, and strategic partnerships made in the years working towards building a beautiful buying experience for consumers through mobile payments. Modo’s key insight? That existing payments infrastructure wouldn’t (couldn’t?) change easily to meet the new mobile payments requirements.
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