London based payments-as-a-service API platform Modulr has announced an additional £14m investment from new investors Frog Capital and returning investors Blenheim Chalcot.
The funding will enable Modulr to accelerate its vision of enabling partners and direct clients to quickly and easily integrate new payment services and support the continued growth of the teams located in London and Edinburgh. The recent establishment of an additional office in Dublin will be the focus for expansion into Europe.
Modulr moves billions of pounds for businesses across alternative lending, employment services, accounting platforms, marketplaces, fintech companies and the travel industry.
Myles Stephenson, Chief Executive, Modulr, said: “We’re extremely pleased to have completed our latest funding round, led by Frog Capital, and to have found a likeminded investor to work closely with the leadership team and our existing lead investor, Blenheim Chalcot, to pursue the significant global opportunity for our business.
“We’ve rapidly demonstrated the size of the market opportunity having processed more than £10bn 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 & wholesale payments”.
Rob Devey, Chair & Senior Non-Executive Director, Modulr, & Advisory Partner, Blenheim Chalcot, said: “We are delighted to have Frog onboard and we are greatly looking forward to working together to capture the massive opportunity that lies ahead.”
Modulr has raised to £24.5m to date.