Payments as a Service Fintech Modulr has received a £9 million investment from PayPal Ventures to develop additional products and expand its customer base.
Modulr is a Fintech service that integrates into any product or system. Users may automate payment flows, embed payments into their platforms, and build new payment products and services themselves from a single API. Modulr has direct access to the Bank of England and claims to facilitate a fast experience that digital customers demand.
In the past year, Modulr became a directly connected participant of the Bacs scheme, alongside direct participation in the Faster Payments scheme, enabling Modulr to settle and hold funds at the Bank of England. Modulr has also added direct access to Visa and Mastercard, as well as delivering innovative new products including Payment Initiation and Confirmation of Payee. Modulr recently received an electronic money license from the Central Bank of Ireland thus propelling European expansion. The company says that 2020 has been a breakout year – due in part to COVID.
Modulr CEO Myles Stephenson has described the PayPal investment as an important milestone:
“Modulr lowers the barriers to bringing payments into a platform, creating endless new possibilities for our customers while allowing them to focus on their core competencies. The investment from PayPal Ventures enhances our ability to execute on that vision.”
Anil Hansjee, partner at PayPal Ventures explained that more digital businesses are looking to incorporate payments into their existing user experience but either don’t have the expertise nor the resources.
“Modulr is well-positioned to be an enabler of this trend and will undoubtably expand end-users’ access to fast, reliable and secure financial services. We look forward to working with Modulr as it helps to powers the next generation of digital businesses.”
Based in London, Modulr powers the payments service for big Fintechs like Revolut and Iwoca.
Modulr reports having raised in total £63.3 million including investment from PayPal Ventures, Highland Europe, Frog Capital, Blenheim Chalcot, and a £10 million grant from the Capability and Innovation Fund.