Modulr raises USD 108 mln in Series C funding round

The investment was led by General Atlantic, a global growth equity firm. The round also included significant participation from existing investors including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures. 

Modulr is a provider of 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, according to the official press release.  

Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage, and BrightPay, and their millions of customers. Modulr has seen significant user growth and adoption, now processing an annualised transaction value of more than GBP 100 billion. It has a deep understanding of embedded payment requirements in specific vertical markets undergoing digital transformation including accounting & payroll, travel, and hyper growth markets like next generation banking and fintech. 

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 innovate in the automation of real-time embedded payments, further expanding the use of account-to-account payments and Open Banking payments as well as provide actionable data insights and seeking to broaden its suite of services for current and future customers.