By Oliver Smith on Wednesday 13 May 2020
Card issuing and European expansion are on the horizon.
Despite headlines that fintech investment is hugely down since the outbreak of coronavirus, funding is continuing to flow for some.
This morning it’s payments platform provider Modulr announcing an £18.9m round led by Highland Europe, existing investor Frog Capital and partner Blenheim Chalcot.
“In the past year, we’ve experienced strong growth, we’ve gained direct access to key payments infrastructure and have positioned ourselves as a trusted payments partner for some of the most ambitious companies in the UK and beyond,” said Modulr CEO Myles Stephenson announcing the funding.
Today’s funding will be specifically used to add card issuing capabilities and deepen Modulr’s European payments abilities with the startup soon looking to new markets.
Several reports in the last few weeks have suggested that fintech funding has fallen sharply in the last few months, with CB Insights describing Q1 2020 as “the worst Q1 since 2016”.