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Modulr raises $108m in Series C funding round led by General Atlantic

  • This latest funding round and support from General Atlantic is designed to accelerate Modulr’s vision to become a payments infrastructure leader across the UK and Europe and enable any software platform to embed payment capability using Modulr’s modern FinOps hub
  • Expected to build on £100bn of annualised transaction value with the likes of Revolut and Sage, and further extend the coverage and product depth for embedded payments in existing and new market verticals
  • Seek to accelerate expansion across the enormous and fast-growing European digital payments market with vertical and geographic market localisation, managed from the operational and regulatory centre developed in Amsterdam during 2021

London, UK, 18 May 2022 – Modulr, an embedded payments platform for digital businesses, today announced that it has raised $108m (£83m) in series C funding led by General Atlantic, a leading global growth equity firm. The round also included significant participation from existing investors including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.

Modulr is a pioneer in the provision of embedded payments across a range of vertical markets. Its technology enables businesses to build payments directly into their own platforms without needing to build complicated payment systems, become regulated themselves or manage the complexities of payment network membership.

Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage and BrightPay, and their millions of customers. Modulr has seen significant user growth and adoption, now processing an annualised transaction value of more than £100bn. It has a deep understanding of embedded payment requirements in specific vertical markets undergoing digital transformation including accounting & payroll, travel, and hyper growth markets like next generation banking and fintech.

Modulr intends to use the funding to accelerate its geographic footprint, extending its client and partner coverage in existing and new market verticals in the UK and Europe. The funding is anticipated to help Modulr stay at the forefront of innovation in the automation of real-time embedded payments, further expanding the use of Account-to-Account payments and Open Banking payments as well as providing actionable data insights and seeking to broaden its suite of services for current and future customers.

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