Modulr, a Payments as a Service API Platform for digital businesses, announced on Wednesday it secured £18.9 million in growth funding to further develop its platform and expand into new products and markets. The funding round was led by European growth capital firm Highland Europe with participation from existing investors including scale-up specialists Frog Capital and venture builders, Blenheim Chalcot.
As previously reported, Modulr claims it provides a new type of payment account and claims it to be built for businesses that need a “faster, easier, and more reliable” way to move money.
“Modulr accounts replace bank accounts for payments. They come with sort codes, access to payment schemes and everything you’d expect. But they’re faster, easier and more reliable. Instantly open as many as you need. Automate how you get paid, reconcile and make payments. All in real-time, 24/7 through your own systems. Our API integrates accounts into any platform. So you can easily streamline existing services and launch new payment products.”
The latest funding round comes less than one year after Modulr raised £14 million. Modulr noted that the new growth investment takes Modulr’s total funding received to £53.3 million and delivers on the FinTech’s commitment to match the £10 million it was awarded from the Capability and Innovation Fund in August 2019. Speaking about the company’s growth and development within the last year, Myles Stephenson, CEO at Modulr added:
“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.”