Modulr, a UK-based API payments infrastructure provider, has raised $108 million in Series C funding led by General Atlantic. The investment follows a recent momentum in the market for digital payments and brings Modulr’s total funding to date to nearly $200 million.
What is Modulr?
Modulr is an embedded payments platform that powers digital businesses by allowing them to automate and embed payments across any channel or device. The platform works with banks, financial institutions, fintech, and other enterprises to create custom payment experiences that are tailored to their business needs.
The company’s technology allows users to access all their payment capabilities in one place and provides innovative features such as instant transfers, direct debits, and real-time reconciliation.
General Atlantic’s Investment in Modulr
General Atlantic has been an investor in Modulr since 2019 when it led its Series B round of $35 million. With this new investment, the firm is further demonstrating its commitment to developing Europe’s financial services industry and helping enterprises leverage digital technology for faster innovation.
According to David Vassiliev, MD at General Atlantic Partners: “We are thrilled to continue our partnership with Myles and the team at Modulr as they build the future of payments infrastructure for European businesses”.
The Funding Round & What’s Next for Modulr
The funding round also includes participation from existing investors Notion Capital, Dawn Capital, Firemark Ventures, and Temasek Holdings as well as new investors Acero Capital and SG Innovate.
The proceeds will be used by Modular to fuel product development initiatives as well expand its presence across Europe. Myles Stephenson CEO of Modular commented on the investment noting: “In this current environment where speed of execution has become essential for the success of any business strategy, we see demand growing exponentially for us to provide an agile payment solution that can meet complex customer requirements quickly”.
Going forward, the company plans to continue its mission of creating an open banking ecosystem that supports business needs in areas such as compliance automation and data analysis.
UK-based Modulr, an API payments infrastructure provider that lets businesses “to automate and embed payments”, raises a $108M Series C led by General Atlantic (Omar Faridi/Crowdfund Insider)
