Fintech with expanding Edinburgh base nets £19m in fresh funding

Modulr, the business-to-business payment specialist with a growing Edinburgh presence, has raised almost £19 million as it looks to develop its platform and expand into new product areas and markets.

The Edinburgh team of fintech business Modulr.

The funding round was led by growth capital firm Highland Europe with participation from existing investors including Frog Capital and Blenheim Chalcot.

The fintech – financial technology – firm said the latest investment took its total funding to date to £53.3m and delivered on its commitment to match the £10m it was awarded from the Capability and Innovation Fund in August. The fresh injection of £18.9m will be used to develop the company’s product and service offering and enable it to expand further into new markets.

Modulr, which has been built in partnership with Blenheim Chalcot, has also opened its first non-UK office in Dublin, to begin expansion into the European market. In less than four years, the business has scaled to process more than £25 billion worth of payments through its partner clients including Sage, Liberis, Salary Finance and Iwoca.

The firm operates as a digital payments alternative in the wholesale and transaction payments market, which moves some $120 trillion (£98tn) each year.

Myles Stephenson, Modulr’s chief executive, said: “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.

“With Highland Europe, we have a partner which can help to further fuel this momentum, investing in our infrastructure and product suite to ensure we can provide our customers with a reliable service that’s easy to access and simple to use. This is important, particularly in the face of this tougher business landscape.”

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