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Payments scale-up Modulr raises $108m in General Atlantic-led Series C

New funding brings Modulr to $150m in VC capital raised for embedded payments

  • Victoria Pavlova
  • May 18, 2022
  • 3 minutes

Modulr, an embedded payments platform for digital businesses, has raised $108m in series C funding led by growth equity firm, General Atlantic.

The round also included significant participation from existing investors including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.

The new funding brings Modulr’s total raised capital to $150m, with the latest tranche marking its largest fundraising round to date.

Founded in 2016, Modulr provides embedded payments across a range of vertical markets. Its technology enables businesses to build payments directly into their own platforms without needing to build complicated payment systems, become regulated themselves or manage the complexities of payment network membership.

Modulr delivers payments infrastructure for over 200 customers, including Revolut, Wagestream, Sage and BrightPay, and their millions of users.

Since its founding, Modulr has reached an annualised transaction value of more than £100bn.

Its key focus is on specific vertical markets undergoing digital transformation including accounting & payroll, travel, and hyper growth markets like next generation banking and fintech.

“Modulr has built a bridge between payments infrastructure and businesses who want to embed fintech into their products. Modulr enables clients to move money more efficiently, create accounts quicker, simplify processes and integrate what were historically thought of as ‘traditional financial’ services into their own product offerings, commented Aaron Goodman, MD and head of financial services at General Atlantic.

“The company’s scalable, enterprise-grade architecture and seamless API have helped to establish its reputation and driven client wins spanning travel, accounting, payroll, challenger banking and vertical software across the UK and Europe.”

Geographical and technological expansion

Modulr intends to use the funding to accelerate its geographic footprint, extending its client and partner coverage in existing and new market verticals in the UK and Europe.

The funding is anticipated to help Modulr further expand the use of account-to-account payments and Open Banking payments as well as providing actionable data insights and seeking to broaden its suite of services for current and future customers, particularly among large enterprises and digital-first businesses.

“Our ambition is to cement Modulr’s position as a leader in embedding financial technology into businesses across the UK and Europe. Our modern FinOps hub enables large enterprises, fintechs and digital businesses to build, scale, and control money flow,” commented Modulr founder and CEO, Myles Stephenson.

“We believe the opportunity is vast and continues to grow with the rise of digital payments. This latest funding round will help support Modulr to become a pan-European payments champion. Our regulatory and licensing permissions, tech stack, and modern and dynamic service offering make it possible for our customers to automate and monetise payments.”

Disclosure: Blenheim Chalcot has previously invested in bobsguide parent company, Contentive.