Modulr, a London-based fintech company that provides Payments as a Service API for digital businesses, announced on Wednesday that it has secured $108M (approx £83M) in a Series C funding round.
The round was led by General Atlantic, with participation from existing investors, including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.
How will the funding be used?
The UK company will use the funds to accelerate its geographic footprint and extend its client and partner coverage in existing and new market verticals in the UK and Europe. To date, the company has raised £150M in funding.
Myles Stephenson, Founder & CEO of Modulr, explains, “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 flow. 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.”
Provider of embedded payments
Founded by Myles Stephenson in 2016, Modulr enables businesses like Revolut, Sage, Wagestream, and BrightPay to build payments directly into their own platforms without complicated payment systems.
Modulr’s FinOps Hub removes a material layer of cost and complexity associated with the reconciliation and processing of volume payments.
Thanks to its significant growth, Modulr is now processing an annualised transaction value of more than £100B.
With more than 300 colleagues and offices in London, Edinburgh, Dublin, and Amsterdam, Modulr is authorised by the UK’s FCA, the Central Bank of Ireland, and the Dutch Central Bank as an Electronic Money Institution.
The company is 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.
Based out of New York, General Atlantic is a global growth equity firm providing capital and strategic support for growth companies. The VC has over $84B in assets under management (AUM).
The VC recently invested in Boston-based biotechnology Biofourmis, provider of solar energy product Sun King, fast fashion e-commerce player Shein and more.
Aaron Goldman, Managing Director and Co-Head of Financial Services at General Atlantic, comments, “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 was 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.”