- London-based fintech startup Modulr has raised $108 million in fresh funding.
- The startup, founded in 2016, has brought in the new capital from US growth fund General Atlantic.
- Check out Modulr’s Series C pitch deck below:
London-based fintech startup Modulr has raised $108 million in fresh funding.
The company, founded in 2016, works with businesses like Revolut, Wagestream, Sage and others to offer payments and payroll accounts via an API (application programming interface). Modulr’s technology helps companies to effectively embed payments through its developer tools, making processing and managing payments smoother.
The startup operates in the wholesale and commercial payments market, which moves $120 trillion each year. “We are expanding out into Europe too and need additional financial support to do that,” Modulr CEO Myles Stephenson told Insider, adding that the firm had started fundraising in January.
The cash comes from US growth fund General Atlantic who led this Series C round alongside existing investors including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures. Last April, the startup brought in an undisclosed amount of strategic funding from Fortune 500 company FIS. Modulr declined to comment on its valuation.
Based out of London with offices in Edinburgh, Amsterdam, and Dublin, Modulr has around 350 staff and expects to add up to 100 over the next year with this new funding. The startup will also open up its operations in France and Spain in the coming months as it pushes into the travel industry.
Modulr has been an important player in the embedded finance market, a fast growing area in fintech. “The experience for the consumer card payment has become invisible in a lot of ways because of embedding but there are huge parts of the business world that are yet to go that route. That’s why we are excited about the opportunity with Modulr,” General Atlantic’s managing director Aaron Goldman said.
Check out Modulr’s Series C pitch deck below:
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