Modulr, an Edinburgh-based payments platform has secured £9 million funding from PayPal Ventures for new developments. The company will use the fresh capital to expand its team and customer base while launching new products.
Modulr focuses on building and embedding payments services and products across sectors such as fintech, banking, travel, lending and employment services. In addition to the £9 million funding, Modulr has raised £63.3 million in funding. The investors apart from PayPal Ventures are Blenheim Chalcot, Highland Europe and Frog capital. In addition, the platform has secured a £10 million grant from the Capability and Innovation Fund.
The company developed capabilities to settle and hold funds at the Bank of England after it became a participant of BACS and the Faster Payments scheme in 2019. The platform has also added direct access to Mastercard and Visa under its belt, in addition to delivering fresh products including payee confirmation and payment initiation.
The Central Bank of Ireland recently approved Modulr an electronic money licence as part of its expansion plan into the European market. Modulr chief executive Myles Stephenson, told the media,” The investment marks a milestone for the company’s payments infrastructure. 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.”
The pandemic has hurt global banks. However, Modulr is strategically working to thrive despite the global crisis.