Modulr, the Payments as a Service API Platform for digital businesses, 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
• New investment will accelerate its tremendous growth, customer momentum and innovation in commercial and wholesale payments.
• Capital provides global opportunity as B2B transactions processed by pureplay digital operators will reach $14 trillion by 2023, up from $6.7 trillion in 2018, according to Juniper Research report featuring Modulr.
• Funding follows the launch of major partnerships with Sage and Paxport in Q1 2019.
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 fast, easy and reliable digital alternative to processing payments via traditional business and corporate banking.
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 £10 Billion this month, 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, two of the UK & Europe’s leading FinTech hubs. The recent establishment of an additional office in Dublin will be the focus for expansion into Europe.
Myles Stephenson, Chief Executive, Modulr, said, “We’re extremely pleased to have completed our latest funding round, led by Frog Capital, and to have found a like minded investor to work closely with the leadership team and our existing lead investor, Blenheim Chalcot, to pursue the significant global opportunity for our business. We’ve rapidly demonstrated the size of the market opportunity having processed more than £10bn of payments through the platform in our first two full years of operation. The investment allows us to take the next step in pursuing our vision to become the world’s leading digital alternative for commercial & wholesale payments”.
Jens Düing, Senior Partner, Frog Capital, said, “Ever since the second Payment Services Directive (PSD2) we have monitored the markets across Europe for leading innovative scale-ups addressing this sizeable segment. Modulr stood out with the quality of its team, its product and the unrivalled traction the company has already managed to achieve.”
Rob Devey, Chair & Senior Non-Executive Director, Modulr, & Advisory Partner, Blenheim Chalcot, said, “We are delighted to have Frog onboard and we are greatly looking forward to working together to capture the massive opportunity that lies ahead.”