Modulr has announced that it has completed an investment of £14m. The investment round has been led by new investors Frog Capital as well as further investment from existing investors including Blenheim Chalcot.
This scale-up capital takes the total amount raised to £24.5m and will enable Modulr to accelerate its vision of enabling partners and direct clients to quickly and easily integrate new payment services into their core products. The Modulr platform delivers a fully integrated service providing a digital alternative to processing payments via traditional business and corporate banking. Modulr partnered with Sage this year to improve the payments offerings available to small and medium-sized enterprises (SMEs) and accountants, helping to bring much needed innovation and competition to the UK SME banking and payments market.
Modulr is already moving billions of pounds for businesses across alternative lending, employment services, accounting platforms, marketplaces, fintech companies and the travel industry. The total value of payments in and out of Modulr’s platform exceeded £10bn since the start of 2017. The capital will help increase the speed at which new payment types and functionality are added to the Modulr platform which will accelerate growth into existing industry verticals as well as supporting entry into new industry verticals.
The capital will support the continued growth of the teams located in London and Edinburgh. The recent establishment of an additional office in Dublin will be the focus for expansion into Europe.