Modulr has raised $100.0M in total across 1 funding round.
Modulr's investors include Addition, BoxGroup, Company Capital, Felicis Ventures, Future Planet Capital, General Atlantic, Launchpad Capital, TCV, Xfund, Patrick S. Chung.
Modulr is a fintech company providing a Payments as a Service API platform for digital businesses, enabling them to automate payment flows, embed payments into their platforms, and build new payment products with real-time, 24/7 management via a single API[1][2][4]. It serves sectors like travel, lending, wage advance, and platforms such as Revolut, Sage, and Salary Finance, solving inefficiencies in traditional payments—such as manual processes, delays, and high costs—by offering faster, easier, and more reliable money movement with direct access to schemes like Faster Payments, Bacs, Visa, and Mastercard[1][2][3][4]. Regulated as an Electronic Money Institution by the FCA, Central Bank of Ireland, and others, Modulr has demonstrated strong growth: processing over £100bn in transactions, onboarding 200+ customers since 2016, employing around 400-500 people across offices in Edinburgh (its operational heart), London, Amsterdam, Dublin, Mumbai, and beyond, with recent expansions funded by investments like £20m in Scotland[1][2][3].
Founded by Myles Stephenson, a payments expert and current CEO, Modulr emerged to address businesses' frustrations with slow, manual, and costly payment systems, launching its first pilot client in 2016[1][2]. Stephenson's vision was to create a digital payment service combining an API platform with regulatory authorizations and direct payment scheme access for efficient money flow[1]. Early traction built quickly: by recent years, it had processed 150m transactions worth £100bn, earned direct Bank of England access (rare for non-banks), and received £10m from the UK's Banking Competition Remedies fund plus £10m of its own capital[1][3]. A pivotal 2019 relocation to Edinburgh—headquartered in London but now with most of its ~500 employees there—invested £20m in Scottish fintech, creating 53+ tech jobs and committing to graduate hires, solidifying its European footprint[3].
Modulr rides the embedded finance and payments automation trend, where platforms seamlessly integrate payments to unlock growth, amid rising demand for real-time, API-driven flows in a digital economy shifting from legacy banking[1][2][4]. Timing aligns with open banking regulations, fintech hubs like Edinburgh's emergence, and post-pandemic acceleration in digital business models (e.g., travel recovery, instant lending), amplified by UK/EU competition remedies funding innovation[3]. Market forces favoring it include cost pressures on SMEs, fraud risks demanding secure rails, and the need for 24/7 global operations without commercial bank intermediaries—Modulr's direct access positions it as a rare enabler[1][3][5]. It influences the ecosystem by powering major players (Revolut, Sage), investing in talent/hubs like Scotland, hosting SME education, and expanding embedded payments to foster productivity across Europe's £100bn+ transaction scales[1][2][3].
Modulr is poised to dominate embedded payments in Europe, scaling its platform amid AI-driven automation and cross-border harmonization (e.g., via EEA expansions), with trends like real-time payments mandates and lending digitization fueling demand[2][4][5]. Next steps likely include deeper vertical penetration (travel, wage advance), new markets via branches, and tech hires to handle surging volumes beyond £100bn annually, backed by VC momentum[2][3]. Its influence may evolve from UK fintech leader to pan-European infrastructure player, empowering more platforms to "move money efficiently" as in its founding mission—potentially redefining business productivity in a payments-first world[1].
Modulr has raised $100.0M across 1 funding round. Most recently, it raised $100.0M Series C in May 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| May 1, 2022 | $100.0M Series C | Addition, BoxGroup, Company Capital, Felicis Ventures, Future Planet Capital, General Atlantic, Launchpad Capital, TCV, Xfund, Patrick S. Chung |
