Modularbank, a banking software developer, has reportedly raised €4m in its late seed funding round.
The capital infusion was led by Karma Ventures and BlackFin Capital Partners, with contributions also coming from Plug and Play Ventures, Siena Capital and Former Skype CTO Ott Kaukver, according to a report from EU Startups.
Estonia-based Modularbank plans to use this capital to expand into the UK as well as other countries in Europe. This will be supported by the launch of an office in the UK and growing its Berlin office to improve its reach in France, the DACH region and Southern Europe.
Funds will also be used to increase the size of its engineering and commercial teams, and increase technology development.
The FinTech has built a core banking platform aimed offering next-generation services. Companies can implement any of the company’s product suites, which cover banking, lending, deposits and savings accounts, financial accounting, assets and collateral and payments.
Last month, Modularbank formed a strategic partnership with European payments processing provider Nets. The agreement enables Modularbank to add card issuing and processing solutions to its ecosystem.
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