Modulr eyes European expansion after completing £83m Series C round

Travel specialist digital payments firm secures investment led by General Atlantic

Travel specialist digital payments technology firm Modulr has completed a £83 million Series C funding round led by private equity investor General Atlantic. 

The round also saw participation from existing investors including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.

Modulr technology enables businesses to integrate payments directly into their own platforms without needing to build complicated systems.

The firm’s embedded technology also means client do not require being regulated themselves and can manage the complexities of payment network membership.

Modulr says the funding will be used to grow both in the UK and overseas and to extend its network of clients and partners in new business verticals. 

It added the investment will also allow it to continue innovating in areas like automation of real-time embedded payments, Account-to-Account payments and Open Banking.

The firm will also broaden its range of services for current and future clients by providing actionable data insights.

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

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

“We believe the opportunity is vast and continues to grow with the rise of digital payments. This latest funding round will help support Modulr to become a pan-European payments champion. 

“Our regulatory and licensing permissions, tech stack, and modern and dynamic service offering make it possible for our customers to automate and monetise payments."

Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage and BrightPay, and their millions of customers. 

With a specific expertise in travel, the firm says it has seen significant user growth and adoption and it now processes a transaction value of more than £100 billion annually. 

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

“Modulr enables clients to move money more efficiently, create accounts quicker, simplify processes and integrate what were historically thought of as ‘traditional financial’ services into their own product offerings. 

“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.”