Modulr raises $108m in Series C funding

In a round led by General Atlantic, the payments infrastructure has landed a huge new raise to continue its European and product expansion.

Four months after securing the licence it needed to operate across Europe, Modulr has bagged $108m in Series C funding to continue expanding across the continent. 

The payments-as-a-service provider delivers payments infrastructure for more than 200 customers, including Revolut, Wagestream, Sage and BrightPay, and their millions of customers.

After a period of significant growth and adoption, the company now processes an annualised transaction value of more than £100bn and will use the funding to “accelerate its geographic footprint”, branching out further across the UK and Europe in both existing and new market verticals.

The round was led by global growth equity firm Global Atlantic, with existing investors including Blenheim Chalcot, PayPal Ventures and Highland Europe also taking part.

“Our ambition is to cement Modulr's position as a leader in embedding financial technology into businesses across the UK and Europe,” Modulr CEO and founder Myles Stephenson said. 

“Our modern FinOps hub enables large enterprises, fintechs and digital businesses to build, scale and control money flows.”

The company allows digital businesses to automate, control and embed payments in their own platforms using its “FinOps Hub”, which operates across a range of payments rails. 

Modulr also wants to use the money to further expand its use of account-to-account payments and Open Banking payments.

“Modulr has built a bridge between payments infrastructure and businesses who want to embed fintech into their products,” General Atlantic managing director and co-head of financial services Aaron Goldman said.

“The Company's scalable, enterprise-grade architecture and seamless API have helped to establish its reputation and driven client wins spanning travel, accounting, payroll, challenger banking and vertical software across the UK and Europe,” he added.