Modulr, an embedded payments platform for digital businesses, recently announced that it has raised $108m (£83m) in Series C funding that was led by General Atlantic, a global growth equity firm.
The investment round also “included significant participation from existing investors including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.”
As covered, Modulr claims to be a pioneer in the provision of embedded payments “across a range of vertical markets.”
Its technology “enables businesses to build payments directly into their own platforms without needing to build complicated payment systems, become regulated themselves or manage the complexities of payment network membership.”
Modulr delivers payments infrastructure for over 200 top-tier customers, “including Revolut, Wagestream, Sage and BrightPay, and their millions of customers.”
Modulr has seen significant user growth and adoption, “now processing an annualised transaction value of more than £100bn.”
It has a deep understanding of embedded payment requirements “in specific vertical markets undergoing digital transformation including accounting & payroll, travel, and hyper growth markets like next generation banking and fintech.”
Modulr intends to “use the funding to accelerate its geographic footprint, extending its client and partner coverage in existing and new market verticals in the UK and Europe.”
The funding is anticipated “to help Modulr stay at the forefront of innovation in the automation of real-time embedded payments, further expanding the use of Account-to-Account payments and Open Banking payments as well as providing actionable data insights and seeking to broaden its suite of services for current and future customers.”
Myles Stephenson, Founder & CEO of Modulr, explained:
“Our ambition is to cement Modulr’s position as a leader in embedding financial technology into businesses across the UK and Europe. Our modern FinOps hub enables large enterprises, FinTechs and digital businesses to build, scale, and control money flows. We believe the opportunity is vast and continues to grow with the rise of digital payments. This latest funding round will help support Modulr to become a pan-European payments champion. Our regulatory and licensing permissions, tech stack, and modern and dynamic service offering make it possible for our customers to automate and monetise payments.”
Aaron Goldman, Managing Director and Co-Head of Financial Services at General Atlantic, commented:
“Modulr has built a bridge between payments infrastructure and businesses who want to embed fintech into their products. Modulr enables clients to move money more efficiently, create accounts quicker, simplify processes and integrate what were historically thought of as ‘traditional financial’ services into their own product offerings. The Company’s scalable, enterprise-grade architecture and seamless API have helped to establish its reputation and driven client wins spanning travel, accounting, payroll, challenger banking and vertical software across the UK and Europe.”
Since its inception in 2016 Modulr has grown “to become a leading provider of embedded payments to digital businesses across the UK and Europe.”
Delivered using Modulr’s modern FinOps hub, Modulr enables 200+ clients “to automate, control and embed payments and is now processing an annualised transaction value of more than £100bn.”
Backed by industry leaders like PayPal Ventures and FIS Ventures, as well as leading venture and growth equity investors General Atlantic, Blenheim Chalcot, Frog Capital, and Highland Europe, Modulr has “now raised £150m to support its vision to enable any software platform to embed payment capability using its modern FinOps Hub.”
Modulr enables businesses such as Revolut, Sage, Wagestream, and BrightPay to build payments directly into their own platforms “without needing to build complicated payment systems, become regulated themselves or manage the complexities of payment network membership.”
The FinOps Hub “removes a material layer of cost and complexity associated with reconciliation and processing of volume payments.”
The FinOps Hub “operates across a wide range of payment rails, is real time, open 24/7, and is simple to connect to via Modulr’s APIs – transforming the speed, flexibility, resilience and cost of launching and operating embedded payments services.”
With more than 300 colleagues and offices in London, Edinburgh, Dublin and Amsterdam, Modulr “is authorized by the UK’s FCA, the Central Bank of Ireland and the Dutch Central Bank as an Electronic Money Institution.