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Embedded payments platform Modulr snags £83 million in Series C funding

Embedded payments platform Modulr snags £83 million in Series C funding

Payments-as-a-Service platform Modulr has raised £83 million in a Series C funding round led by General Atlantic.

Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage and BrightPay, and currently processes an annualised transaction value of more than £100bn.

With more than 300 staff and offices in London, Edinburgh, Dublin and Amsterdam, Modulr is authorised by the UK’s FCA, the Central Bank of Ireland and the Dutch Central Bank as an Electronic Money Institution.

Myles Stephenson, founder & CEO of Modulr, says: "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."

He says Modulr will use the funding to grow its geographic footprint, extending its client and partner coverage in existing and new market verticals in the UK and Europe. On the product fron, the firm intends to further expnd the use of account-to-account and open banking payments as well as provide actionable data insights to customers.

Stephenson adds: “Our ambition is to cement Modulr's position as a leader in embedding financial technology into businesses across the UK and Europe. 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."

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