Modulr receives strategic investment from FIS Ventures

By Megha Bhattacharya

FinTech Modulr has secured new investment from FIS Ventures. The FinTech stated that FIS aims to utilise its API-based payments infrastructure to facilitate and automate real-time, business-to-business, payments in the U.K. and Europe as part of FIS’ broader real-time payments strategy.

Myles Stephenson, CEO at Modulr commented, “FIS and Modulr share the same ambition, to enable businesses to move fast and transform their payment processes, software and experiences in line with the digital world. We look forward to working with FIS to develop and deliver better payments solutions and innovative services to businesses of all sizes.”

Recently, Modulr announced that it has teamed up with Intuit QuickBooks to power its new QuickBooks Business Account, a new digital payment account designed specifically for small businesses. The collaboration is expected to allow QuickBooks to combine a business account with its suite of bookkeeping, accounting and tax tools.

Asif Ramji, chief growth officer at FIS, commented, “Our investment in Modulr is a key component of our comprehensive vision at FIS to bring the full power and potential of real-time payments to organizations at a global scale. Working with Modulr, we’ll be able to help our clients in the UK and EEA market accelerate their journey to digital payments, as well as work towards delivering a suite of new global real-time payment propositions.”

NALA Money, a Tanzanian startup also announced that it has become an Electronic Money Directive agent with its partnership with Modulr. The development comes before the scheduled launch of its transfer app for the UK’s East African Diaspora. With the launch, the FinTech will be able to launch a range of financial services from the UK to East Africa.