Modulr, a London, UK-based digital payments scaleup, raised £18.9m in funding.
The round was led by Highland Europe with participation from existing investors including Frog Capital.
The company intends to use the funds to develop its platform and expand into new product areas and markets.
Led by Myles Stephenson, founder and CEO, Modulr is a Payments as a Service API platform for digital businesses, which integrates into any product or system. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API. In under 4 years, the company has grown to process more than £25 billion worth of payments through its partner clients including Sage, Liberis, Salary Finance and Iwoca London, Edinburgh and Dublin.
The new growth investment takes Modulr’s total funding received to £53.3m.