The Modulr embedded payment platform raised £ 83 million in a series of C-series funding led by General Atlantic.
Modulr is a built-in payment platform for digital businesses that allows businesses to control, automate and embed payments. His clients include Revolut, Wagestream, Sage and BrightPay.
The London-based company handles an annual transaction value of over £ 100 billion.
Fintech will use the funds to increase coverage in existing and new market verticals in the United Kingdom and Europe. It will also introduce new services.
For business, Modulr eliminates the need to build payment infrastructure, regulate and manage the payment network.
“This latest round of funding will help support Modulr to become a pan-European champion of payments. Our regulatory and licensing licenses, technology stack and modern and dynamic service delivery enable our customers to automate and generate payment revenue, ”said Miles Stevenson, Founder and CEO.
Additional investments came from previous investors Blenheim Chalcot, Frog Capital, Highland Europe and PayPal Ventures.
Modulr’s rivals include Paddle, which became a unicorn earlier this month, raising £ 162 million, and Weavr’s other embedded financial platform. Weavr’s co-founder and CEO recently spoke with UKTN for not competing directly with banking as a service company.
“Modulr has built a bridge between the payment infrastructure and the business that wants to incorporate fintech into its products,” said Aaron Goldman, managing director and co-head of financial services, General Atlantic.
Founded in 2016, the company now has 300 employees in offices in London, Edinburgh, Dublin and Amsterdam.
“Modulr allows customers to move money more efficiently, create accounts faster, simplify processes and integrate what has historically been considered ‘traditional financial’ services into their own product offerings,” Goldman added.
“The company’s scalable enterprise architecture and seamless API have helped establish its reputation and driven customer victories, encompassing travel, accounting, payroll, banking and vertical software in the UK and Europe.”