Modulr lands £18.9m in growth funding to fuel market expansion
UK payments fintech Modulr has raised £18.9 million in growth funding in a round led by Highland Europe.
The latest investment takes Modulr’s total funding received to £53.3 million, and means the firm has delivered on an earlier commitment to match the £10 million it was awarded by the Capability and Innovation Fund in August 2019.
Modulr, which aims to be a payments-as-a-service replacement for traditional commercial and wholesale transaction banking, says it will use the new injection of funds to expand into new products and markets.
Last year, Modulr became one of the few non-bank firms to gains access to Faster Payments and BACS, the two major UK payment schemes. It became a principal issuing member of Visa in March.
The firm aims to tackle “old and clunky incumbent banking infrastructure” by automating business payment flows, embedding payments into platforms and enabling businesses to build new payment products and services themselves.
Based in London, the company counts Revolut, Sage, Salary Finance and Iwoca among its customers.
“In the past year, we’ve experienced strong growth, we’ve gained direct access to key payments infrastructure and have positioned ourselves as a trusted payments partner for some of the most ambitious companies in the UK and beyond,” says Myles Stephenson, CEO of the firm.
“With this new investment we’re ensuring customers’ payments infrastructure can continue to work seamlessly in the background, so they have one less thing to worry about.”