Modulr, a London-based payments-as-a-service API platform for digital businesses, has raised £14 million in a funding round led by Frog Capital.
Existing investors including Blenheim Chalcot joined the round, which takes Modulr's total funding to £24.5 million.
The startup is already moving billions of pounds for businesses across alternative lending, employment services, accounting platforms, marketplaces, fintech companies and the travel industry.
The latest funding will be used to speed up the addition of new payment types and functionality to the platform, with hires planned for the firm's London, Edinburgh and Dublin offices.
Myles Stephenson, CEO, Modulr, says: "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."
Editorial | what does this mean?