Modulr, a payment as a service API platform, will invest £20m into the Scottish FinTech industry to drive innovation in the country and cement it as a hub for tech.
The company has made the move in its bid to radically transform SME banking and uncovering Scotland’s tech talent.
Having established its main development hub in Edinburgh, the FinTech is using part of the funds to create a minimum of 53 new highly skilled jobs. It will also nurture new technology talent in the country by committing to hire graduates from Scottish universities each year for the next five.
Furthermore, it is hosting payment education events in Glasgow and Edinburgh to teach SMEs how to make the most of its payment functionalities.
This plan comes after Modulr was awarded £10m from the BCR Capability and Innovation Fund to boost innovation in the UK business payments space.
Modulr CEO Myles Stephenson said, “Scotland is packed with fantastic technology talent, world-renowned universities and businesses, so we’re tremendously excited to be growing our presence in Edinburgh and investing to raise the profile of Scottish fintech. Our base here will be absolutely critical as we work to drive innovation and competition in our sector, and to make money flow more efficiently through the economy.”
Earlier in the year, Modulr received a £14m investment from Frog Capital and Blenheim Chalcot.
Copyright © 2019 FinTech Platform
