ukbased modulr api 108m series atlanticfaridi | Modulr Secures $108 Million in Series C Funding to Drive Innovation in Embedded Payments

ukbased modulr api 108m series atlanticfaridi

London, May 18, 2022 – Modulr, a pioneering embedded payments platform for digital businesses, has announced the successful completion of its Series C funding round, raising an impressive $108 million (£83 million). The funding round was led by General Atlantic, a prominent global growth equity firm. This significant capital infusion will fuel Modulr’s ambitious vision to become a leading payments infrastructure provider across the UK and Europe, empowering software platforms to seamlessly integrate payment capabilities using Modulr’s cutting-edge FinOps hub.

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Modulr’s innovative technology eliminates the need for businesses to build complex payment systems, obtain regulatory approvals, or manage the intricacies of payment network memberships. With the ability to integrate payments directly into their platforms, businesses can streamline processes, improve efficiency, and deliver a seamless experience to their customers.

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The funding will serve as a catalyst for Modulr to expand its market coverage and product depth in existing and new market verticals, solidifying its position as a payments leader. Among Modulr’s top-tier customers are renowned brands like Revolut, Wagestream, Sage, and BrightPay, processing an annualized transaction value exceeding £100 billion. The company has demonstrated significant user growth and adoption, making it a preferred choice for businesses undergoing digital transformation in sectors such as accounting, payroll, travel, and the rapidly expanding fields of next-generation

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Myles Stephenson, Founder & CEO of Modulr, expressed the company’s ambitions, stating, “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, leveraging our regulatory and licensing permissions, tech stack, and modern and dynamic service offerings to automate and monetize payments.”

Aaron Goldman, Managing Director and Co-Head of Financial Services at General Atlantic, commended Modulr’s role in bridging the gap between payments infrastructure and businesses seeking fintech integration. He noted, “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.”

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With a scalable, enterprise-grade architecture and seamless API, Modulr has won clients across diverse sectors like travel, accounting, payroll, challenger banking, and vertical software, cementing its reputation as a trusted and innovative solution.

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Modulr plans to extend its geographic footprint, further develop real-time embedded payments leveraging Account-to-Account and Open Banking payments, and offer actionable data insights to enrich its suite of services for both current and future customers.

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Founded in 2016, Modulr has gained recognition as a leading provider of embedded payments across the UK and Europe, serving more than 200 clients. Backed by industry giants like PayPal Ventures and FIS Ventures, alongside renowned venture and growth equity investors such as General Atlantic, Blenheim Chalcot, Frog Capital, and Highland Europe, Modulr has raised a total of £150 million to date.

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As Modulr continues its mission to enable any software platform to embed payment capability, it stands poised to shape the future of digital payments and redefine the landscape of fintech integration.

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About General Atlantic

General Atlantic is a global growth equity firm with a rich legacy of over four decades, providing strategic support and capital to more than 445 growth companies. Since its establishment in 1980, the firm has partnered with visionary entrepreneurs, delivering lasting impact by combining a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a profound understanding of growth drivers.

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With over $84 billion in assets under management as of December 31, 2021, General Atlantic has a diverse portfolio of more than 215 investment professionals across major global cities, including New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore, Stamford, and Tel Aviv.

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Please note that all the information mentioned in this article is based on the data available as of May 18, 2022, and is subject to updates and changes.