Modulr receives investment from PayPal Ventures

Wednesday 18 November 2020 14:38 CET | News

Modulr, a Payments as a Service API platform, has secured a GBP 9 million investment from PayPal Ventures to develop additional products, grow its team and expand its customer base.

Modulr enables digital businesses and software platforms across lending, banking, fintech, travel, employment services and accounting to easily embed and build new payment products and 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 customers can focus on their value proposition. 

Modulr is tapping into the massive business-to-business payments digitisation opportunity by working with platforms that serve small and medium-sized businesses. 

In the last year, 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 license from the Central Bank of Ireland.

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Keywords: Modulr, investment, PayPal Ventures, payments
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech

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