Modulr, the Payments as a Service API platform for digital businesses, has received a £9m investment from PayPal Ventures to fast-track its digital businesses’ adoption of embedded payments.
The funding will be used by Modulr for the development of additional products and grow its team as well as expand its customer base.
Modulr facilitates digital businesses and software platforms across lending, banking, fintech, travel, employment services and accounting to easily embed and develop new payment products and services.
Modulr’s direct access to the Bank of England allows digital customers to meet their requirements quickly.
With a focus on massive business to business payments digitisation, Modulr is working with platforms that serve small and medium-sized businesses.
Modulr CEO Myles Stephenson said: “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.”
Modulr is a direct connected participant in the Bacs scheme and also a participant in the Faster Payments scheme, thereby allowing Modulr to settle and hold funds at the Bank of England.
Modulr has further added direct access to Visa and Mastercard in addition to offering new products such as Payment Initiation and Confirmation of Payee.
Recently, Modulr secured an electronic money licence from the Central Bank of Ireland, helping to expand European operations.
In May this year, Modulr secured £18.9m in growth capital to further develop its platform and expand into new products and markets.
Modulr has raised £63.3m including investment from PayPal Ventures, Frog Capital, Highland Europe, Blenheim Chalcot, as well as a £10m grant from the Capability and Innovation Fund.
PayPal Ventures partner Anil Hansjee said: “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. We look forward to working with Modulr as it helps to powers the next generation of digital businesses.”
