Modulr secures GDP 18.9 mln for alternative payments solution

Wednesday 13 May 2020 14:44 CET | News

Modulr, a UK-based fintech, has secured GDP 18.9 million in funding to develop ‘Payments as a Service’ as an alternative to commercial and wholesale transaction banking.

The investment came from Highland Europe, with participation from existing investors including Frog Capital, and it will be used to develop the payments platform and market expansion. It brings the total raised by the company to just over GDP 43 million, not including a GDP 10 million grant from the Capability and Innovation Fund.

In 2019, Modulr gained direct access to Faster Payments and Bacs, two UK-based bank payments schemes. The fintech is also an issuing member of Visa. To date, businesses across lending, fintech, alternative banking, accounting, travel, and more have processed over GDP 25 billion in payments through the Modulr platform, which counts Revolut among its customers. Other partner clients include Sage, Liberis, Salary Finance, and Iwoca.

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Keywords: Modulr, Payments-as-a-Service, transaction banking, commercial banking, Highland Europe, Frog Capital, payments platform, Capability and Innovation Fund, Faster Payments, BACS, bank payments schemes, fintech, Visa, alternative banking, lending, Revolut, Sage, Liberis, Salary Finance, iwoca
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

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