Modulr Raises $108M in Series C Funding to Expand its Embedded Payments Platform

Benjamin leo

1 year ago

Modulr Raises 8M in Series C Funding to Expand its Embedded Payments Platform

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Modulr, a pioneering embedded payments platform for digital businesses, has announced the successful completion of its Series C funding round, securing an impressive $108 million (£83 million).

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Led by General Atlantic, a global growth equity firm, the funding will be used to accelerate Modulr’s geographic footprint, expand its client and partner coverage, and further enhance its suite of services in the UK and Europe.

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Streamlining Payments for Digital Businesses

Streamlining Payments for Digital Businesses Modulr stands at the forefront of the embedded payments space, offering digital businesses a streamlined solution to integrate payment functionalities into their platforms.

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By leveraging Modulr’s technology, businesses can avoid the complexities of building their own payment systems or becoming regulated themselves. This approach allows companies to focus on their core operations while providing seamless payment experiences to their customers.

Impressive Growth and Market Penetration

Impressive Growth and Market Penetration With over 200 top-tier customers, including notable names like Revolut, Wagestream, Sage, and BrightPay, Modulr has experienced significant user growth and adoption.

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The platform currently processes an annualized transaction value exceeding £100 billion. Modulr’s success can be attributed to its deep understanding of embedded payment requirements within specific vertical markets undergoing digital transformation.

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Enhancing Embedded Payment Capabilities

Enhancing Embedded Payment Capabilities Modulr intends to leverage the Series C funding to stay at the forefront of innovation in the automation of real-time embedded payments.

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The company plans to expand the use of Account-to-Account payments and Open Banking payments, provide actionable data insights, and broaden its suite of services for existing and future customers.

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These enhancements aim to further simplify payment processes and enable businesses to scale and monetize their payment operations efficiently.

Geographical Expansion and Market Reach

Geographical Expansion and Market Reach The funding secured in the Series C round will support Modulr’s plans for geographic expansion.

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The company aims to extend its client and partner coverage in existing and new market verticals across the UK and Europe. By leveraging its regulatory and licensing permissions, robust tech stack, and dynamic service offerings, Modulr seeks to solidify its position as a pan-European payments champion.

Vision for the Future of Embedded Payments

Vision for the Future of Embedded Payments Myles Stephenson, Founder & CEO of Modulr, envisions the platform as a leader in embedding financial technology into businesses across the UK and Europe.

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The rise of digital payments presents a vast opportunity, and Modulr aims to capitalize on it by empowering enterprises, fintechs, and digital businesses to build, scale, and control money flows through its modern FinOps hub.

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The company’s focus on automation and monetization of payments aligns with the evolving needs of businesses and consumers in the digital era.

General Atlantic’s Perspective on Modulr’s Success

General Atlantic’s Perspective on Modulr’s Success Aaron Goldman, Managing Director and Co-Head of Financial Services at General Atlantic, emphasizes Modulr’s ability to bridge the gap between payments infrastructure and businesses looking to embed fintech capabilities into their products.

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Modulr’s scalable architecture, seamless API, and enterprise-grade solutions have driven its reputation and attracted clients from various industries, including travel, accounting, payroll, challenger banking, and vertical software.

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General Atlantic’s investment highlights the confidence in Modulr’s capabilities and its potential for continued success.

Conclusion

Modulr’s successful Series C funding round led by General Atlantic marks a significant milestone in the company’s journey to become a pan-European payments champion.

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With its embedded payments platform, Modulr is revolutionizing the way digital businesses integrate payment capabilities, streamline processes, and provide enhanced experiences for their customers.

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As Modulr expands its geographic footprint, it is poised to shape the future of embedded payments in the UK and Europe, driving innovation and empowering businesses to unlock new growth opportunities.