Payments provider Modulr has added another £9m to its coffers on the back of an investment from PayPal Ventures, which will fund the scaling of the business.
This pushes the total cash injected into Modulr to £63.3m. It has previously enjoyed investments from Highland Europe, Frog Capital, Blenheim Chalcot and a £10m grant from the Capability and Innovation Fund.
“This investment marks an important milestone for Modulr’s modern payments infrastructure,” said Myles Stephenson, CEO of Modulr.
“Modulr lowers the barriers to bringing payments into a platform, creating endless new possibilities for our customers while allowing them to focus on their core competencies. The investment from PayPal Ventures enhances our ability to execute on that vision.”
In short, the company is set up to empower businesses in the lending, banking, FinTech, travel, employment services and accounting industries to easily embed and build new payment products and services within their customer journey.
“More digital businesses are looking to incorporate payments into their existing user experience but either don’t have the expertise or the resources,” said Anil Hansjee, partner at PayPal Ventures.
“Modulr is well-positioned to be an enabler of this trend and will undoubtably expand end-users’ access to fast, reliable and secure financial services. We look forward to working with Modulr as it helps to powers the next generation of digital businesses.”
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