UK fintech Modulr has secured £18.9m in funding to develop its platform and expand into new products and markets.

Growth capital firm Highland Europe led the funding round, with participation from existing investors including Frog Capital, venture builders and Blenheim Chalcot.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The investment has taken Modulr’s total funding received to £53.3m, delivering on the fintech’s commitment to match the £10m it was awarded from the Capability and Innovation Fund in August.

Myles Stephenson, Modulr CEO, said: “In the past year, we’ve experienced strong growth and gained access to key payments infrastructure. We have also positioned ourselves as a trusted payments partner for some of the most ambitious companies in the UK.”

Modulr will use the new funding to develop its product and services offering with the introduction of card issuing and deeper European payment capabilities. The aim is to enable the company to expand further into new markets.

“With Highland Europe, we have a partner which can help to further fuel this momentum. By investing in our infrastructure and product suite, we can provide our customers with a reliable service that’s easy to access and simple to use,” Stephenson added.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“This is important, particularly in the face of this tougher business landscape. With this new investment we’re ensuring customers’ payments infrastructure can continue to work seamlessly in the background. This gives them one less thing to worry about.”

Modulr’s business model

Modulr, founded in 2016, was built in partnership with Blenheim Chalcot. Since its launch, Modulr has processed more than £25bn worth of payments through its partner clients.

In addition, the fintech is designed to make the payment process more efficient for businesses. Through its platform, businesses can automate payment flows, embed payments into their platforms and build new products.

Speaking on Modulr’s payments model, Laurence Garrett at Highland Europe, said: “No-one can deny the opportunity of the business payments market, some five times the size of the opportunity presented by consumer payments, and Modulr is the leading platform in this space.

“We were impressed with its strong operational resilience and its history of sustained stable growth within the B2B payments industry. Myles and the team have firmly established the fintech as the go-to provider of payments services for ambitious businesses. We look forward to fuelling this growth further.”

Furthermore, earlier this year, Modulr became a principal issuing member of Visa.