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London, UK, 18 May 2022 – Modulr, a leading embedded payments platform for digital businesses, has successfully secured $108 million (£83 million) in a series C funding round, with global growth equity firm General Atlantic leading the investment. The funding round also saw significant participation from existing investors, including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.
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Empowering Businesses with Embedded Payments
Modulr has established itself as a pioneer in providing embedded payment solutions across various vertical markets. Its cutting-edge technology enables businesses to seamlessly integrate payments directly into their platforms without the need for complex payment systems or navigating the intricacies of payment network memberships and regulations.
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With over 200 top-tier customers, including industry giants like Revolut, Wagestream, Sage, and BrightPay, Modulr has experienced remarkable growth and adoption. The platform now processes an annualized transaction value of more than £100 billion, highlighting its impact in the digital payments landscape.
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Driving Innovation with Series C Funding
The latest funding round is a significant milestone for Modulr, and the company plans to leverage the capital to expand its geographic footprint, enhancing coverage and partner engagement in existing and new market verticals across the UK and Europe. Additionally, Modulr aims to stay at the forefront of real-time embedded payment automation, further advancing Account-to-Account payments and Open Banking solutions. The company also intends to focus on actionable data insights and expand its suite of services for current and future customers.
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Myles Stephenson, Founder & CEO of Modulr, expressed the company’s ambitious vision, aiming to establish Modulr as a leader in integrating financial technology into businesses across the UK and Europe. By offering a modern FinOps hub, Modulr enables large enterprises, fintechs, and digital businesses to build, scale, and manage money flows efficiently.
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General Atlantic’s Perspective
General Atlantic sees great potential in Modulr’s innovative approach, bridging the gap between payments infrastructure and businesses that want to embed fintech into their products. The scalable, enterprise-grade architecture and seamless API have enabled Modulr to drive client wins across various industries, including travel, accounting, payroll, challenger banking, and vertical software across the UK and Europe.
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Continued Growth and Expansion
Modulr’s impressive track record and strategic funding aim to accelerate its growth trajectory and establish the company as a pan-European payments champion. The platform’s regulatory and licensing permissions, advanced tech stack, and dynamic service offerings empower customers to automate and monetize their payment processes efficiently.
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With the rise of digital payments and the increasing role of non-financial companies in the financial services space, Modulr is positioned to play a crucial role in enabling businesses to embed payment capabilities seamlessly.
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Conclusion
Modulr’s latest series C funding round, led by General Atlantic, underscores the company’s rising prominence as a leader in the embedded payments industry. The capital infusion will enable Modulr to drive innovation, expand its presence in the UK and Europe, and further solidify its position as a key player in shaping the future of digital payments for businesses across various sectors. As Modulr continues to disrupt and optimize the payments landscape, its modern FinOps hub promises to provide businesses with greater control, efficiency, and flexibility in managing their financial transactions.