SME payments outfit Modulr is to invest the best part of £20m in the Scottish fintech industry, in the process creating 53 new jobs and nurturing new technology talent.
The money comes from a match-funded £10 million grant from the RBS bail-out fund, which is intended to boost competition in the SME banking sector.
ALongside the 53 new hires, Modulr has also committed to hiring graduates from Scottish universities for the next five years.
Myles Stephenson, CEO, Modulr, comments: “Scotland is packed with fantastic technology talent, world-renowned universities and businesses…our base here will be absolutely critical as we work to drive innovation and competition in our sector, and to make money flow more efficiently through the economy.”
Recently ranked as second in scale only to London, Edinburgh’s tech sector contributed almost £4bn to the economy in 2018 and employs almost 60,000 people.
Derek Mackay, cabinet secretary for finance, economy and fair work adds: “this is further evidence of the strength and attractiveness of Scotland’s fintech sector and Edinburgh in particular which now has over 100 fintech companies established.”
The Payment as a Service API platform powers the likes of Sage, Revolut, and Paxport, and has raised a total of £35m in funding since its establishment in 2016.