Fintech firm Modulr secures $108 million in Series C funding

The firm intends to use the funding to accelerate its geographic footprint while extending its client and partner coverage in existing and new market areas in the UK and Europe

Modulr, an embedded payments platform for digital businesses, has raised $108 million in Series C funding.

The funding has been led by growth equity firm General Atlantic and also includes significant participation from existing investors including Blenheim Chalcot, Frog Capital, Highland Europe and PayPal Ventures.

Modulr, which also operates out of London, delivers payments infrastructure for more than 200 ‘top-tier’ clients, including Revolut, Wagestream, Sage and BrightPay, and their millions of customers.

The financial technology business said it had seen significant user growth and adoption, and was now processing an annualised transaction value in excess of £100 billion ($123 billion).

The firm intends to use the funding to accelerate its geographic footprint while extending its client and partner coverage in existing and new market areas in the UK and Europe.

The cash will also ensure Modulr leads the pack in automation of real-time embedded payments, expanding the use of Account-to-Account payments and Open Banking payments as well as providing actionable data insights and seeking to broaden its suite of services for current and future customers.

Founder and chief executive Myles Stephenson said: Our ambition is to cement Modulr’s position as a leader in embedding financial technology into businesses across the UK and Europe. We believe the opportunity is vast and continues to grow with the rise of digital payments.

This latest funding round will help support Modulr to become a pan-European payments champion, he said.

Our modern FinOps hub enables large enterprises, fintechs and digital businesses to build, scale, and control money flows, he said.

Aaron Goldman, managing director and co-head of financial services at General Atlantic, added: Modulr has built a bridge between payments infrastructure and businesses who want to embed fintech into their products.

Goldman said: Modulr enables clients to move money more efficiently, create accounts quicker, simplify processes and integrate what were historically thought of as ‘traditional financial’ services into their own product offerings.