Just in today, that London fintech Modulr, a leading Payments-as-a-Service applications programming interface (API) platform has secured new investment from FIS Ventures, the corporate venture arm of global financial technology leader FIS.
Eyes to develop better payments solutions
While, the amount has not been disclosed, Modulr will use the funding to develop and deliver better payments solutions and innovative services to businesses of all sizes.
Further, the fintech intends to change the way businesses think about banking. By investing in the company, FIS plans to leverage Modulr’s API-based payments infrastructure to facilitate and automate real-time, business-to-business, payments in the U.K. and Europe as part of FIS’ real-time payments strategy.
Prior to this, Modulr raised £18.9 million from Highland Europe in May with participation from existing investors, including UK-based investors Frog Capital and Blenheim Chalcot. Late last year, it secured £9 million in funding from PayPal Ventures.
Myles Stephenson, CEO at Modulr commented: “FIS and Modulr share the same ambition, to enable businesses to move fast and transform their payment processes, software and experiences in line with the digital world. We look forward to working with FIS to develop and deliver better payments solutions and innovative services to businesses of all sizes.”
Asif Ramji, chief growth officer at FIS, commented: “Our investment in Modulr is a key component of our comprehensive vision at FIS to bring the full power and potential of real-time payments to organizations at a global scale. Working with Modulr, we’ll be able to help our clients in the UK and EEA market accelerate their journey to digital payments, as well as work towards delivering a suite of new global real-time payment propositions.”
Growth despite pandemic
Founded in 2016 by Cyrus Wadia, Jakub Zmuda, Kevin Hayes, Martin Threakall, Myles Stephenson, and Ritesh Tendulkar, Modulr is tapping into the massive business-to-business payments digitisation opportunity by working with software platforms that serve small and medium-sized businesses. 2020 was a breakout year for the company as it signed up a number of large enterprise customers, despite the macroeconomic challenges posed by COVID-19.
Modulr has more than quadrupled in size over the past year with a team size of around 220, which js up from 45 people in 2019. It continues to grow and reach a team size of 300 by the end of 2021.
Helps manage payments and payroll accounts
Modulr helps clients manage payments and payroll accounts in real-time via an API (application programming interface). It lets digital businesses and software platforms across a growing range of sectors including lending, banking, fintech, travel, employment services and accounting to easily automate, embed and build new payment services within their customer journey. It handles complexities and regulatory overhead, so that its clients can focus on their own unique value proposition.
The company further added direct access to Visa and Mastercard. It delivers innovative new products, including Payment Initiation and Confirmation of Payee. Recently, Modulr was granted an electronic money licence from the Central Bank of Ireland, which marks an important step in the company’s European ambitions.
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