Embedded payments platform Modulr has raised £83m in a Series C funding round led by General Atlantic.
Modulr is an embedded payments platform for digital businesses that lets businesses control, automate and embed payments. Its customers include Revolut, Wagestream, Sage and BrightPay.
The London-headquartered company processes an annualised transaction value in excess of £100bn.
The fintech will use the funds for growing coverage in existing and new market verticals in the UK and Europe. It will also introduce new services.
For businesses, the Modulr removes the need to build payment infrastructure, become regulated and run a payments network.
“This latest funding round will help support Modulr to become a pan-European payments champion. Our regulatory and licensing permissions, tech stack, and modern and dynamic service offering make it possible for our customers to automate and monetise payments,” said Myles Stephenson, founder and CEO.
Additional investments came from previous investors Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.
Competitors to Modulr include Paddle, which became a unicorn earlier this month raising £162m, and fellow embedded finance platform Weavr. Weavr’s co-founder and CEO recently spoke to UKTN about not competing directly with banking as a service firms.
“Modulr has built a bridge between payments infrastructure and businesses who want to embed fintech into their products,” said Aaron Goldman, managing director and co-head of financial services, General Atlantic.
Founded in 2016, the firm now has 300 employees across offices in London, Edinburgh, Dublin and Amsterdam.
“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,” added Goldman.
“The company’s scalable, enterprise-grade architecture and seamless API have helped to establish its reputation and driven client wins spanning travel, accounting, payroll, challenger banking and vertical software across the UK and Europe.”