Modulr secures £14m investments to drive growth

Modulr has announced it has secured an investment totaling £14m that will help the company further push its payments-as-a-service digital business platform.

The investment round was led by new investors Frog Capital as well as further investment from existing investors including Blenheim Chalcot.

Myles Stephenson, chief executive, Modulr, said: “We’re extremely pleased to have completed our latest funding round, led by Frog Capital, and to have found a likeminded investor to work closely with the leadership team and our existing lead investor, Blenheim Chalcot, to pursue the significant global opportunity for our business.”

“We’ve rapidly demonstrated the size of the market opportunity having processed more than £10bn of payments through the platform in our first two full years of operation.

“The investment allows us to take the next step in pursuing our vision to become the world’s leading digital alternative for commercial & wholesale payments.”

Modulr said the investments – which now reaches a total value of £24.5m – will enable the firm to accelerate its vision of enabling partners and clients to integrate new payment services into its core products.

According to the company, since the start of 2017 the total value of payments in and out of Modulr’s platform exceeded £10 Billion.

Jens Düing, senior partner, Frog Capital, explained: “Ever since the second Payment Services Directive (PSD2) we have monitored the markets across Europe for leading innovative scale-ups addressing this sizeable segment.

“Modulr stood out with the quality of its team, its product and the unrivalled traction the company has already managed to achieve.”

Furthermore, Modulr disclosed the capital will support the continued growth of the teams located in London and Edinburgh.

This is alongside the recently established Dublin office which will become the firms focus in its effort to expand further into Europe.

Rob Devey, chair & senior non-executive director, Modulr, & advisory partner, Blenheim Chalcot, said: “We are delighted to have Frog onboard and we are greatly looking forward to working together to capture the massive opportunity that lies ahead.”