Payment as a service API platform Modulr has closed a ?18.9m in growth capital, just months after closing its former round.
The fresh investment was led by European Growth Capital firm Highland Europe, with contribution also coming from previous backers Frog Capital and Blenheim Chalcot.
With the new equity, the company will look to deepen its product and services. This will include the release of new card issuing and deeper European payment capabilities, as well as moving into new markets.
In four years, the company has scaled to process more than ?25bn worth of payments through its partner clients, which includes Sage, Liberis, Salary Finance and Iwoca.
The FinTech deploys digital payments infrastructure which automates business payment flows.
Modulr CEO Myles Stephenson said, ?In the past year, weve experienced strong growth, weve gained direct access to key payments infrastructure and have positioned ourselves as a trusted payments partner for some of the most ambitious companies in the UK and beyond.
?With Highland Europe, we have a partner which can help to further fuel this momentum, investing in our infrastructure and product suite to ensure we can provide our customers with a reliable service that easy to access and simple to use. This is important, particularly in the face of this tougher business landscape. With this new investment were ensuring customers payments infrastructure can continue to work seamlessly in the background, so they have one less thing to worry about.p>
With the close of the round, the company has raised a total of ?55.3m in equity. The company was previously awarded ?10m from the Capability and Innovation Fund in August 2019.
Last year, Modulr revealed it was going to invest ?20m into the Scottish FinTech industry to drive innovation in the country and cement it as a hub for tech.
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