Modulr,
the Payments as a Service API Platform for digital businesses, today
announced that it has completed an investment of £14m. The investment
round has been led by new investors Frog
Capital as well as further investment from existing investors
including Blenheim
Chalcot.
This scale-up capital takes the total amount raised to £24.5m and will
enable Modulr to accelerate its vision of enabling partners and direct
clients to quickly and easily integrate new payment services into their
core products. The Modulr platform delivers a fully integrated service
providing a fast, easy and reliable digital alternative to processing
payments via traditional business and corporate banking.
Modulr is already moving billions of pounds for businesses across
alternative lending, employment services, accounting platforms,
marketplaces, FinTech companies and the travel industry. The total value
of payments in and out of Modulr’s platform exceeded £10 Billion this
month, since the start of 2017. The capital will help increase the speed
at which new payment types and functionality are added to the Modulr
platform which will accelerate growth into existing industry verticals
as well as supporting entry into new industry verticals.
The capital will support the continued growth of the teams located in
London and Edinburgh, two of the UK & Europe’s leading FinTech hubs. The
recent establishment of an additional office in Dublin will be the focus
for expansion into Europe.
Myles Stephenson, Chief Executive, Modulr, said: “We’re extremely
pleased to have completed our latest funding round, led by Frog Capital,
and to have found a likeminded 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 market 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 & wholesale payments”.
Jens Düing, Senior Partner, Frog Capital, said: “Ever since the
second Payment Services Directive (PSD2) we have monitored the markets
across Europe for leading innovative scale-ups addressing this sizeable
segment. Modulr stood out with the quality of its team, its product and
the unrivalled traction the company has already managed to achieve.”
Rob Devey, Chair & Senior Non-Executive Director, Modulr, & Advisory
Partner, Blenheim Chalcot, 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.”
-ENDS-
About Modulr
Modulr is the Payments as a Service API platform for digital businesses
and can be integrated into any product or system. Modulr’s new type of
payment accounts are built for businesses that need a faster, easier and
more reliable way to move money. Once integrated, businesses can
instantly set up as many accounts as they need. Getting paid,
reconciling and making payments is fully automated and can be managed in
real-time, 24/7 through their existing software applications. Modulr’s
API makes it easy for businesses to streamline existing services, launch
new products and scale more efficiently. Modulr combines its API enabled
platform with authorisation from the UK’s Financial Conduct Authority as
an Authorised Electronic Money Institution to deliver a fully regulated
service.
For further information – please go to www.modulrfinance.com
About Frog
Frog is a specialist European software investor, investing in companies
at the Scale-Up stage. They invest in businesses that have proven
product-market fit, strong momentum and positive unit economics,
typically with €3m+ revenues and 40% growth.
Frog work with the companies they invest in using their ‘Scale-Up
Methodology’ to help continue their growth. With a team of VC/PE
investors, operational experts and entrepreneurs, they provide the
required advice and skill-set at the Scale-Up stage across a broad range
of sectors. This reduces downside risk, while creating value and
maximising the upside.
For further information – please go to www.frogcapital.com
About Blenheim Chalcot
Blenheim Chalcot is the UK’s leading digital venture builder, investing
more than just funds; they invest knowledge and experience, ideas and
infrastructure. They specialise in digital businesses that transform
industries. Their approach is to identify high growth sectors, typically
undergoing some market, technology or regulatory discontinuity, and look
to build scalable platforms that satisfy real customer needs. Blenheim
Chalcot aim to build profitable companies, with sustainable business
models.
Working alongside entrepreneurs and co-founders, they support ventures
from start-up to scale-up to exit, giving them access to the global
networks and services they need to grow. This support is bolstered by
the innovative partnerships they forge with big businesses. Blenheim
Chalcot’s digital expertise helps their ventures be more agile, while
their partners’ global scope helps them scale faster.
For further information – please go to www.blenheimchalcot.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190520005059/en/