NEW YORK, July 31, 2024 /PRNewswire/ — ModFi, a leading Fintech development and IP licensing subsidiary of Source Venture Studio LLC (SVS), recently issued its first non-exclusive license for use of ModFi’s Fintech patent and trademark portfolio, to a leading high-tech company.
This strategic move underscores ModFi’s commitment to advancing financial technology by making its extensive suite of Fintech patents accessible to the industry. The licensee gains access to over ten years of intellectual property development, to support their products in the market. The Fintech patent and trademark portfolio includes IP covering: Cloud Wallet®, digital currency, smart cards, mobile wallets, wearable NFC payments, online express checkout, shopping cart technologies, digital rewards, couponing, and web payment solutions, among others.
Peter Garrett, CEO of ModFi and SVS, shared his enthusiasm, stating, “This lucrative agreement marks a significant milestone in our ongoing journey of over a decade in technology development and building a premier Fintech patent portfolio. Partnering with TransactionsIP to launch our new IP licensing program opens exciting opportunities for innovation, helping new licensees in the Fintech and mobile wallet sectors to enhance their products, expand market share, and drive revenue growth.”
“We’re dedicated to securing additional licensing agreements with a diverse range of Fintech companies, mobile wallet manufacturers and financial institutions in the near future”, said Rich Ehrlickman, President of TransactionsIP.
About ModFi: ModFi, a portfolio company of Source Venture Studio LLC (SVS), specializes in the invention, development, and licensing of patents in the Fintech sector. The recent grant of a global non-exclusive patent license represents a strategic effort by ModFi to foster advancement and innovation in the financial technology arena.
About TransactionsIP: TransactionsIP is a leading intellectual property brokerage and consulting firm offering a full range of services to individuals, small companies and large enterprises. TransactionsIP leverages client patents and technology to maximize their returns.
