Modulr, a platform for digital payments that is embedded in websites, recently announced that it had raised $108 million (£83 million) in Series C funding, led by a leading growth equity firm in the world, General Atlantic.
It should also be noted that Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures contributed significant capital to the round, as well as existing investors.
According to Modulr’s claims, it has been a pioneer in the provision of embedded payments “in a wide range of vertical markets” over the course of its history.
By using its technology, businesses are now able to integrate payments directly into their own platforms without having to create complex payment systems, become regulated themselves or manage the complexities that come with membership in payment networks.
Over 200 top-tier customers rely on Modulr to provide payments infrastructure, including companies like Revolut, Wagestream, Sage and BrightPay, among others, and their millions of customers.
In recent years, modulr has experienced significant user growth and adoption, and it is now processing more than £100 billion in annualised transactions.
With over 10 years of experience in the embedded payment market, it understands the unique needs of a wide range of vertical markets undergoing digital transformation, such as accounting, payroll, and travel, as well as market segments that are in rapid development like next generation banking and fintech.
As a result of this funding, Modulr intends to be able to expand its geographic footprint in the UK and Europe, providing increased coverage to existing and new client and partner markets.
There is a possibility that Modulr will use this funding to maintain its position at the forefront of innovation in real-time embedded payments by automating account-to-account payments, expanding the use of Open Banking payments and Account-to-Account payments, providing actionable insights into the customer’s current and future needs, as well as expanding its suite of services.
According to Myles Stephenson, the Founder & CEO of Modulr, he explained that:
“We are committed to strengthening Modulr’s position as a leading player in the integration of financial technology into companies across the UK and Europe. We are here to help large enterprises, FinTech companies, as well as digital businesses, build, scale, and manage their money flow with our modern FinOps hub. With the rise of digital payments, we believe that the opportunity is vast and will continue to grow as time goes on. As a result of this latest round of funding, Modulr will be able to become one of the leading payment organizations in Europe. We offer our customers an integrated solution that makes it possible to automate and monetise their payments through the help of our regulatory and licensing permissions, technology stack, as well as our modern and dynamic service offerings.”
As Aaron Goldman, Chief Financial Officer and Managing Director of the Financial Services division at General Atlantic, stated:
Using Modulr as a gateway, transactions infrastructure can be integrated into the products of businesses who are interested in extending their fintech capabilities. Modulr provides clients with the capability of moving money more efficiently, creating accounts more quickly, simplifying processes and integrating what was previously thought of as ‘traditional financial services’ into the product offerings they are offering. There have been several projects that have lead to the Company’s reputation establishing and driving client wins across a range of industries such as travel, accounting, payroll, challenger banks and vertical software across the UK and Europe due to its scalable and enterprise-grade architecture and seamless APIs.”
It has been more than two years since Modulr was founded in 2016 and has been establishing themselves as one of the UK and European’s leading embedded payments providers.
Through Modulr’s modern FinOps hub, the company’s 200+ clients are now able to automate, control, embed, and use payments in a variety of ways and the company is now processing a total of more than £100bn in annualised transactions annually.
This company has raised £150 million to support its vision to enable any software platform to embed payment capabilities by leveraging its modern FinOps Hub, which is backed by industry leaders like PayPal Ventures and FIS Ventures, as well as leading venture capital and growth equity investors, including General Atlantic, Blenheim Chalcot, Frog Capital, and Highland Europe.
With modules like Modulr, businesses such as Revolut, Sage, Wagestream, and BrightPay are able to integrate payments directly into their own platforms, which eliminates the need for complicated payment systems, becoming regulated themselves, or managing the complexities of being a member of payment networks.
With FinOps Hub, remittance reconciliation, payment process management, and volume payment processing are simplified in a large part, making it easier and more cost effective for businesses.
As a result, the FinOps Hub offers an array of payment rails from which to choose, it operates in real time, is accessible 24/7, and is easy to integrate using Modulr’s APIs, which will transform the speed, flexibility, resilience, and cost of launching and operating embedded payments service.
In addition to more than 300 employees, Modulr has offices located in London, Edinburgh, Dublin and Amsterdam, and it is recognized as an electronic money institution by the UK’s Financial Conduct Authority, the Central Bank of Ireland and the Dutch Central Bank.