Modulr poised for pan-European push after £83m funding injection
London fintech firm Modulr is poised for pan-European expansion after closing a £83m funding round today, led by global growth equity firm General Atlantic.
Modulr, an embedded payments platform for digital businesses, said it has now earmarked the fresh funds to double down on its expansion across Europe.
“We believe the opportunity is vast and continues to grow with the rise of digital payments,” said Myles Stephenson, Founder & CEO of Modulr.
“This latest funding round will help support Modulr to become a pan-European payments champion.”
Modulr, which boasts firms like Revolut and sage among its customer base, said it is now has now looking to bolster its product offer for a range of new markets.
The embedded payments firm passed an annual transaction value of more than £100bn and said the opportunity will continue to grow as firms scramble to monetise digital payments.
Aaron Goldman, managing director at General Atlantic, said the firm had filled a gap for firms looking to capitalise on digital payments.
“Modulr has built a bridge between payments infrastructure and businesses who want to embed fintech into their products,” he said.
“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.”