Modulr plans £20m investment in Scottish development hub
Business payments firm Modulr has committed to investing £20 million into the development of Scottish fintech and its operations in Edinburgh.
Modulr, which hosts its main development hub in Scottish capital, will be creating more than 50 technology jobs in the capital, and hiring graduates from Scottish universities every year until 2024.
Edinburgh’s technology sector was ranked second only to London in the UK, according to a recent report from Tech Nation. It employs around 60,000 people and contributed £4 billion the UK economy in 2018.
The £20 million figure comes from the firm’s £10 million award from the BCR Capability and Innovation Fund (CIF), plus a matched £10 million investment from the fintech itself.
“Modulr is a valuable member of Scotland’s fintech community and I welcome this further investment that will create more high-quality jobs,” says Mark Hallan, head of inward investment at Scottish Enterprise.
“This will take the company to over 100 employees in Edinburgh and highlights Scotland’s attractiveness for investment in a very competitive sector.
“We supported the firm’s expansion to Edinburgh last year and it joins many companies investing here from across the UK and globally who can access a talented, experienced workforce alongside a network of fintech companies.”