Modulr provides an embedded payments FinOps hub and APIs that let businesses and software platforms integrate real-time, account-to-account, and Open Banking payment services. The company serves 200+ clients and is processing an annualised transaction value of more than £100B. Modulr is authorised as an Electronic Money Institution by the UK’s FCA, the Central Bank of Ireland, and the Dutch Central Bank, and operates offices in London, Edinburgh, Dublin, and Amsterdam with more than 300 colleagues. Founded in 2016 by Myles Stephenson, its customers include Revolut, Wagestream, Sage, and BrightPay. Modulr plans to use new capital to accelerate geographic expansion across the UK and Europe, extend client and partner coverage, and further automate real-time embedded payments and broaden its product suite. Modulr provides a full‑stack Payments-as-a-Service API that lets software platforms and digital businesses automate and embed payments while handling regulatory and operational complexity. The company focuses on B2B payments digitization and has signed several large enterprise clients. Modulr is a directly connected participant in the Bacs and Faster Payments schemes and can settle and hold funds at the Bank of England; it has also added direct access to Visa and Mastercard. Recent product additions include Payment Initiation and Confirmation of Payee, and the company says it handles much of the regulatory overhead for its customers. Modulr was granted an electronic money licence from the Central Bank of Ireland as part of its European ambitions. The firm has cited a “breakout year” with growth despite COVID‑19 headwinds and was ranked the second fastest‑growing tech company in 2021 by Dun & Bradstreet. Modulr provides a Payments-as-a-Service API that lets digital businesses and software platforms embed payments, automate payment flows, and build new payment products within their customer journeys. The company serves sectors including lending, banking, fintech, travel, employment services and accounting, and counts customers such as Sage, Revolut, and Paxport. Modulr says it processes more than £40B of payments through its platform and maintains 99.999% uptime. Recent regulatory and infrastructure milestones include an Electronic Money Institution (EMI) licence from the Central Bank of Ireland and direct participation in the Bacs and Faster Payments schemes, enabling settlement and custody at the Bank of England. The firm plans to use new funding to develop additional products, grow its team, and expand its customer base. Modulr operates from offices in London, Edinburgh, and Dublin. Modulr provides a Payments-as-a-Service platform that combines technology, regulatory permissions and direct access to payment schemes as an alternative to commercial and wholesale transaction banking. The company offers an API-driven payments infrastructure that enables businesses to automate payment flows, reconciliation and embed payment services within their platforms. Modulr has direct access to the U.K. payment schemes Faster Payments and Bacs, and is a principal issuing member of Visa. Its platform has processed over £25 billion in payments and counts customers such as Revolut, Sage, Liberis, Salary Finance and Iwoca. The company plans to use new capital to further develop its payments platform, build new products and expand into European markets. Financially, Modulr has raised just over £43 million to date (excluding a £10 million grant from the Capability and Innovation Fund) and recently secured additional growth funding. Modulr offers digital payments and banking alternatives to businesses and partners, processing more than £14 billion of transactions and reaching over 35,000 SMEs through clients including Sage and Revolut. The company is developing a new product, the Accountant Payments Control Centre (APCC), to deliver greater control, automation and efficiency for accountants and SME clients. Modulr will use a £10 million Capability and Innovation Fund grant (which it will match with a further £10 million) to expand its Edinburgh operations and support product development. The award is expected to create more than 50 jobs in Edinburgh and more than 64 regional roles overall, with at least 80% of the new roles scaling its Edinburgh presence. In May the firm secured a £14 million funding package, taking total capital raised to £24.5 million. Launched in January 2016, Modulr has footprint in Edinburgh, London and Dublin and plans to make its payment services available to almost one million SMEs while driving cost-effective innovation and competition in the UK business payments market.

Total raised

$173M

Funding rounds

7

Latest round

Series C

Latest activity

May 2022