Myles Stephenson, Chief Executive, Modulr

UK-based Payments as a Service platform provider, Modulr, has announced the completion of an investment worth £14m. The investment round was led by Frog Capital and existing investors such as Blenheim Chalcot. The recent funding takes the total funds raised by Modulr to £24.5m. According to the supplier, the capital will allow Modulr’s partners to easily integrate new payment services into their core products. It aims to increase customer momentum and innovation in commercial and wholesale payments.

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”.

The funds raised also aims to support Modulr’s teams in London, Edinburg and Dublin.

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.”

Founded in 2015, Modulr provides Payments as a Service API platform for digital businesses. Through Modulr, businesses are able to set up multiple accounts, automate payments and streamline existing services.

by Megha Bhattacharya
Market Analyst at IBS Intelligence