Modularbank, a Tallinn, Estonia – based core banking platform, raised €4m in late seed funding.
The round was led by Karma Ventures and BlackFin Capital Partners, with participation from Plug and Play Ventures, Siena Capital and angel investor Ott Kaukver, who is the ex-CTO of Twilio and Skype.
The company intends to use the funds to expand into UK, European and wider global markets, to bolster its engineering and commercial teams, and further invest in its technology platform.
Founded in 2019 by CEO Vilve Vene and Chief Business Officer Rivo Uibo, Modularbank provides a cloud-agnostic core banking platform, built with an API-first approach, which allows banks, financial services companies and any other business such as retailers, utility companies or telemedicine providers, to integrate its modular banking technology into their existing infrastructure.
The company has been cashflow positive since inception and has gained a list of influential customers, including one of the largest financial services groups in Finland, a leading retail group and a Frankfurt stock exchange-listed financial services institution operating in 23 countries. It has also recently partnered with Nets, one of Europe’s largest payment card processors.
Modularbank currently has 35 staff across Europe and aims to increase headcount to 100 by the end of 2021.