Modulr raises $108 million in its latest round of funding
Modulr, a London-based business payments platform has raised $108m (£83m) in series C funding led by General Atlantic with other participation from existing investors including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.
The company mentions that it has been providing ‘embedded payments across a range of vertical markets’ and its technology has been enabling businesses to build payments directly into their own platforms without needing to build payment systems.
The company is serving its payments infrastructure to over 200 clients including Revolut, Wagestream, Sage and BrightPay, and has been processing an annualised transaction value of more than £100bn.
The fund raised would be used for expanding its geographical footprint and partner coverage in existing and new market verticals in the UK and Europe. It also aims to expand in automation of real-time embedded payments, Account-to-Account payments and Open Banking.
Modulr Finance Limited is registered with the UK Financial Conduct Authority as an EMD Agent of Modulr FS Limited.
With this funding, the total capital raised by fintechs this year has been $1,359 million excluding this funding.