Fintech Modulr to turbocharge global growth with £14m
● Fresh funding sees company target an estimated $14tn digital payment market
Business payments disruptor Modulr has landed an eightfigure investment as it looks to capitalise on a potential $14 trillion (£11tn) global market.
The fintech has secured £14 million in scale -up funding to accelerate development of its payments platform, expand into new markets and boost headcount at its offices, including its Edinburgh hub.
Modulr, whose digital accounts provide an alternative to traditional bank accounts for business payments, is targeting“ag lob al opportunity” following a recent report by Juniper Research, which estimated business-to -business transactions processed by pureplay digital operators will surpass $14tn by 2023.
The total value of payments in and out of Modulr’s platform since the star t of 2017 exceeded the £10 billion milestone this month.
On the back of the new capital, the fintech is aiming to increase the speed at which new payment types and functionalities are added to its platform, target new sectors and grow its presence in existing fields such as alternative lending, accounting platforms and the travel industry.
It is also eyeing expansion into Europe, having recently established an office in Dub - lin to use as a springboard into the market.
Led by specialist software investor Frog Capital, with support from backer Blenheim Chalcot, the fresh funding boost takes total investment in the company to£24.5m since its formation in January 2016.
The London business established an Edinburgh base in September, pointing to the Scottish capital’ s“excellent” talent pool and position as the UK’S second largest financial services centre.
Myles Stephen son, chief executive at Modulr, said: “We’re extremely pleased to have completed our latest funding round, led by Frog Capital, and to have found a like-minded investor to work closely with the leadership team and our existing lead investor, Blenheim Chalcot, to pursue the significant global opportunity for our business.
“We’ ve rapidly demonstrated the size of the mar - ket opportunity, having processed more than £10bn of payments through the platform in our first two full years of operation.
“The investment allows us to take the next step in pursuing our vision to become the world’ s leading digital alternative for commercial and wholesale payments.”
Rob Devey, chairman and senior non- executive direc - tor at Mo dulr and advisor y partner atBl en heimCh alcot, said: “We are delighted to have Frog onboard and we are greatly looking forward to working together to capture the massive opportunity that lies ahead.”
Modulr unveiled major partnerships earlier this year with travel payments specialist Paxport and cloud accounting and payroll service provider Sage to provide a full range of business-to-business payment services.