FIS invests in Modulr

Tuesday 13 April 2021 10:53 CET | News

Payments-as-a-Service API platform Modulr has secured new investment from FIS Ventures, the corporate venture arm of global financial technology company FIS, for an undisclosed amount. 

FIS plans to leverage Modulr’s API-based payments infrastructure to facilitate and automate real-time, business-to-business, payments in the UK and Europe as part of FIS’ broader real-time payments strategy. Modulr is tapping into the business-to-business payments digitisation opportunity by working with software platforms that serve small and medium-sized businesses. 2020 was a breakout year for the company as it signed up a number of large enterprise customers, despite the macro economic challenges posed by COVID-19. 

Modulr enables digital businesses and software platforms across a growing range of sectors including lending, banking, fintech, travel, employment services, and accounting to automate, embed, and build new payment services within their customer journey. With its full stack Payments-as-a-Service API, it handles much of the complexities and regulatory overhead, so that its clients can focus on their own unique value proposition. In 2020, Modulr became a directly connected participant of the Bacs scheme, alongside direct participation in the Faster Payments scheme, enabling Modulr to settle and hold funds at the Bank of England. 

Modulr has further added direct access to Visa and Mastercard, as well as delivering new products including Payment Initiation and Confirmation of Payee. Modulr was most recently granted an electronic money licence from the Central Bank of Ireland which marks an important step in the company’s European ambitions.

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Keywords: fintech, Payments-as-a-Service, investment
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech