Investment from PayPal Ventures
Modulr is the Payments-as-a-Service API platform for digital businesses that can integrate into any product or system. It enables digital businesses and software platforms across lending, banking, fintech, travel, employment services and accounting to embed and build new payment products and services within their customer journey.
It claims to help businesses automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves.
Myles Stephenson, CEO of Modulr says, “This investment marks an important milestone for Modulr’s modern payments infrastructure. Modulr lowers the barriers to bringing payments into a platform, creating endless new possibilities for our customers while allowing them to focus on their core competencies. The investment from PayPal Ventures enhances our ability to execute on that vision.”
Growth during pandemic
Modulr is tapping into the massive business to business payments digitisation opportunity by working with platforms that serve small and medium-sized businesses. While 2020 has been a tough year for many companies due to the economic downturn caused by the pandemic, Modulr witnessed a breakout year, claims the company. It appears to have signed up a slew of large enterprise customers during the tough time.
Recently, Modulr secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr FS Europe Limited, (hereafter referred to as Modulr Europe). It also became a directly connected participant of the Bacs scheme, alongside direct participation in the Faster Payments scheme, enabling the company to settle and hold funds at the Bank of England.
According to the company, in total, Modulr has raised £63.3M (nearly €71.1M) including investment from PayPal Ventures, Highland Europe, Frog Capital, Blenheim Chalcot and a £10M (approx €11.23) grant from the Capability and Innovation Fund.
Modulr has grown to process more than £40B (approx €44.29B) worth of payments for customers including Sage, Revolut, and Paxport through its platform which has an uptime of 99.999%. It is based in London, Edinburgh, and Dublin.
Image credit: Modulr