PayPal Ventures funds Modulr with £9 million
With accelerating digital payments adoption, investors are seeing a vast pool of opportunities in the business payments segment.
This week, UK-based business payments platform Modulr has received £9 million from PayPal Ventures.
According to the press release, this funding would be used to help Modulr “accelerate digital businesses’ adoption of embedded payments”. The company works as a Service API platform towards lending, banking, fintech, travel, employment services and accounting.
The company in its press release remarks that it is working to tap into “massive business to business payments digitisation opportunity” by working with other platforms that serve towards SMEs.
“More digital businesses are looking to incorporate payments into their existing user experience but either don’t have the expertise or the resources. Modulr is well-positioned to be an enabler of this trend and will undoubtedly expand end-users’ access to fast, reliable and secure financial services”, said Anil Hansjee, Partner at PayPal Ventures.
Modulr has received £63.3 million in total including investment from PayPal Ventures, Highland Europe, Frog Capital, Blenheim Chalcot and a £10m grant from the Capability and Innovation Fund.
Earlier this year, Modulr joined Visa as a principal issuing member which grants the company direct access to Visa’s global payments network.
With this funding, the total funding to fintechs this year stands at $1.704 billion.