Modulr, a FinTech firm which provides bank accounts for business payments, has raised a new round of funding.
The company’s round was led by Blenheim Chalcot and brought its total raised to date to £10.5m.
Launched in January 2016 in London, Modulr is opening an office in Edinburgh where it hopes to bolster its software engineering, customer support, risk, compliance and finance teams.
Myles Stephenson, CEO of Modulr, commented: “As a technology business, building high quality and scalable software engineering, risk and compliance, customer support and finance teams is critical to our current and future growth. Following our strong initial success, we identified the need to scale and we set about looking for a location with a strong talent pool and pipeline.”
Rob Devey, chair of Modulr and advisory partner at Blenheim Chalcot, went on to note: “Modulr solves a real pain point – replacing outdated, slow and unreliable manual payment processes with an efficient and manageable payments platform. This is an important step on their growth journey and evidence of the growing demand for their solutions. Blenheim Chalcot is delighted to be supporting Modulr as the team expands to Edinburgh.”
Modulr says it’s processed £4.2bn in business payments during its first two years, while transaction volumes have been growing by an average of 11% month-on-month.
The startup expects to double the size of its team over the past six months of the year; reaching over 100 employees across both its Edinburgh and London offices.