By Oliver Smith on Thursday 15 April 2021
The payments giant joins PayPal in backing Modulr.
Payments-as-a-service provider Modulr Finance has topped up its coffers with cash from FIS Ventures, part of the payments giant that owns WorldPay.
The size of the strategic investment has not been disclosed, but will surely add to the £63.3m that Modulr has raised to date, including £9m from PayPal Ventures in November and £18.9m in a funding round last May.
As well as cash, FIS says it plans to use Modulr’s API-based payments infrastructure to facilitate business-to-business payments in the UK and Europe.
“Working with Modulr, we’ll be able to help our clients in the UK and EEA market accelerate their journey to digital payments, as well as work towards delivering a suite of new global real-time payment propositions,” said Asif Ramji, chief growth officer at FIS.
Modulr has experienced a period of rapid growth, as well as sealing a wealth of funding over the past 12 months, the business has also helped Revolut launch Confirmation of Payee after becoming the first non-bank provider to offer the service, and scored a European electronic money institution licence.
“FIS and Modulr share the same ambition, to enable businesses to move fast and transform their payment processes, software and experiences in line with the digital world,” said Modulr CEO Myles Stephenson on this latest announcement.
“We look forward to working with FIS to develop and deliver better payments solutions and innovative services to businesses of all sizes.”