Modulr secures £9 mn investment from PayPal Ventures

By Megha Bhattacharya

Payments as a Service API platform Modulr announced that it has secured £9 million in an investment round from PayPal Ventures in a bid to accelerate product development, team growth and expansion of customer base.

Anil Hansjee, partner at PayPal Ventures said, “More digital businesses are looking to incorporate payments into their existing user experience but either don’t have the expertise or the resources. 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.”

Recently, Modulr announced that it has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr FS Europe Limited. The newly granted EMI licence will enable the FinTech to offer an extensive suite of payments products, including its award-winning payments platform, through its powerful API to EU markets.

The FinTech enables digital businesses and software platforms across lending, banking, FinTech, travel, employment services and accounting to build new payment products and services within their customer journey.

Myles Stephenson, CEO of Modulr 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. The investment from PayPal Ventures enhances our ability to execute on that vision.”