Modulr acquires Nook

By moving forward with the acquisition, Modulr intends to deliver Nook’s functionality to its network of accountants and businesses already utilising its payment products.

Both Modulr and Nook share a commitment to address complexities, mitigate manual steps, and optimise the security of business payments. In addition, the deal aims to focus on removing the need for multiple platforms for the management of financial operations, including paying supplier invoices, processing payroll, managing treasury, and accessing finance.

The acquisition follows the expansion of Modulr’s integration with Xero to include payroll services. The partnership intended to assist businesses in reducing payroll payment errors and minimising administrative tasks, ensuring accurate and timely payments to employees.

Modulr and Nook’s payment solutions

As part of their collaboration, Modulr is set to provide Nook’s features to its established network of accountants and businesses while also increasing security and efficiency through capabilities like Confirmation of Payee (CoP) to validate account details in real time, supporting the prevention of fraud across payment processes. Since the start of its operations, Nook has been centring its efforts on developing comprehensive accounts payable products, with the company’s platform optimising workflows for businesses and accountants, providing full invoice lifecycle management from receipt, via approval to payment and reconciliation with accounting software.

When commenting on the announcement, representatives from Modulr underlined that their company was developed to deliver optimised solutions for business payments, with the acquisition of Nook further accelerating the achievement of this objective. By merging Nook’s AP automation platform with Modulr’s Embedded Payments knowledge, the company aims to offer existing and prospective customers more products that save time and funds for business owners and accounting professionals.

Furthermore, moving forward, Modulr intends to work on scaling its capabilities and delivering greater value to UK and European businesses. The strategic deal also solidifies the company’s offerings in invoice management and accounts payable automation while delivering Nook’s customers access to its extensive payments feature.