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 creates interoperability and manages connections between payment systems. 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.
While pursuing a mobile payments-centric strategy, Modo reassessed the state of the industry and determined that the in-store mobile payments market was growing too slowly, but that many companies were building digital experiences for online, B2B, B2C, and yes C2B payments that needed connections to existing payment systems. This realization led to the thoughtful evolution (or pivot, depending on your point of view) of the their technology into a payments interoperability utility. Modo’s unique nature of which enables them to connect virtually any type of value (payments, gifts, offers, coupons and loyalty currencies) to virtually any destination endpoint. Modo is now positioned to help customers take advantage of these opportunities and bring a set of entirely new products to the payments market. Today, Modo is proud to connect some of the largest, most sophisticated players in the world to new digital experiences including Deutsche Bank, Bank of America Merrill Lynch, Klarna, Alliance Data, Verifone, FIS, and more to be announced soon.