Modulr, a London and Edinburgh, UK-based Payments as a Service API Platform for digital businesses, raised £14m in funding.
The round, which brought the total amount raised to £24.5m, was led by new investors Frog Capital as well as further investment from existing investors including Blenheim Chalcot.
The company intends to use the funds for the continued growth of the teams located in London and Edinburgh. The recent establishment of an additional office in Dublin will be the focus for expansion into Europe.
Led by CEO Myles Stephenson, Modulr is the Payments as a Service API platform for digital businesses which can be integrated into any product or system. Once integrated, businesses can instantly set up as many accounts as they need to get paid, reconcile and make payments in an automated way and can be managed in real-time, 24/7 through their existing software applications.
The company’s API allows businesses to streamline existing services, launch new products and scale efficiently.
Modulr is already moving billions of pounds for businesses across alternative lending, employment services, accounting platforms, marketplaces, FinTech companies and the travel industry.