Modulr, an embedded payments platform for digital businesses, has raised $108 million in Series C funding.
The round, led by General Atlantic, saw participation from existing investors including Blenheim Chalcot, Frog Capital, Highland Europe and PayPal Ventures.
Modulr enables businesses such as Revolut and Sage to build payments directly into their own platforms without needing to build out their own payment systems, become regulated themselves or manage the complexities of payment network membership.
The paytech firm intends to use the funding to expand its geographic footprint and become a “pan-European payments champion”, extending its client and partner coverage in existing and new market verticals in the UK and Europe.
The cash will also ensure Modulr leads the pack in automation of real-time embedded payments, expanding the use of Account-to-Account payments and Open Banking payments as well as providing actionable data insights and seeking to broaden its suite of services for current and future customers.
Modulr CEO and founder Myles Stephenson says: “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.”
Modulr has seen significant user growth and adoption, currently processing an annualised transaction value of more than £100 billion.