The fintech firm has banked an undisclosed sum from FIS Ventures, the corporate venture arm of global financial technology business FIS.
Modulr, which also operates out of London, said it was tapping into a “massive” business-to-business payments digitisation opportunity by working with software platforms that serve small and medium-sized enterprises (SMEs). It described 2020 as a “breakout year” as it signed up a number of large enterprise customers, despite the economic challenges posed by the pandemic.
Chief executive Myles Stephenson said: “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.
“We look forward to working with FIS to develop and deliver better payments solutions and innovative services to businesses of all sizes.”
Asif Ramji, chief growth officer at FIS, added: “Our investment in Modulr is a key component of our comprehensive vision at FIS to bring the full power and potential of real-time payments to organisations at a global scale.”
In the last year, Modulr became a directly connected participant of the Bacs payments scheme, alongside direct participation in the Faster Payments scheme, enabling the firm to settle and hold funds at the Bank of England.
The company has further added direct access to Visa and Mastercard, as well as delivering new products including Payment Initiation and Confirmation of Payee. Modulr was most recently granted an electronic money licence from the Central Bank of Ireland, marking an “important step in the company’s European ambitions”.