Embedded payments platform Modulr has announced a new £83 million series C funding round.

The company’s technology enables businesses to build payments into their platforms without needing to become regulated.

Modulr is currently providing payments infrastructure to 200 customers, including Revolut, Wagestream, Sage, and BrightPay.

The investment was led by growth equity firm General Atlantic and included participation from existing investors Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.

The platform said that it has seen “significant user growth and adoption” and is currently processing an annual transaction value of over £100 billion.

It is planning to use the money to extend its reach in the UK and Continental Europe.

“Our ambition is to cement Modulr's position as a leader in embedding financial technology into businesses across the UK and Europe,” said Myles Stephenson, founder and chief executive. “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. Our regulatory and licensing permissions, tech stack, and modern and dynamic service offering make it possible for our customers to automate and monetise payments."

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