Modulr has completed an investment round raising £14 million from new investor Frog Capital and existing investors including Blenheim Chalcot.

This scale-up capital takes the total amount raised to £24.5 million and will enable Modulr to accelerate its growth plans.

The payments-as-a-service Application Programming Interface (API) platform for digital businesses has now exceeded £10 billion this month, in terms of the total value of payments in and out of its platform, since the start of 2017.

The capital will help increase the speed at which new payment types and functionality are added to this platform, accelerating growth into existing industry verticals, as well as supporting entry into new industry verticals.
It will also support the continued growth of the teams located in London and Edinburgh.

Chief executive Myles Stephenson commented: “We’ve rapidly demonstrated the size of the market opportunity having processed more than £10 billion 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 and wholesale payments”.

Jens Düing, senior partner at 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.”

Modulr partnered with Sage earlier this year to improve the payments offerings available to small and medium-sized enterprises (SMEs) and accountants.

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