Digital payment account Modulr has received an investment from Blenheim Chalcot, for an undisclosed amount.
While the value of the transaction was not disclosed, it brought the total funding of Modulr to £10.5m, since its foundation in 2016.
Modulr offers a ‘new type of digital payment account’ for businesses which enables them to move money quicker, easier and more securely. Its clients include businesses across payroll, lending and payments.
Through the solution, businesses can automate their disbursements, supplier payments and payroll payments, while ensuring this is handled in a secure and compliant manner without manual input.
Businesses also utilise Modulr to simplify their pay-in processes, easing the receiving and segregation of funds to individual accounts. The company can also integrate with a client’s platform, so it can offer customers an account for automated and regulated payment services.
Earlier in the month, the company opened a new office in the UK launching its first operations base in Edinburgh. This office will support the company with growing its software engineering, customer support, risk and compliance, and finance teams. By the end of the year Modulr hopes to create 30 new jobs in Scotland.
Through this equity injection the company will look to support the growth of operations in London and Edinburgh.
Earlier in the month, Blenheim Chalcot led the $20m Series B round of employee benefits financial wellbeing business SalaryFinance.
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