Modulr raises £14m led by Frog Capital to accelerate platform expansion
Frog Capital led the investment round alongside existing backer Blenheim Chalcot to support international growth and product development.
Modulr operates a payments as a service API platform that allows digital businesses to embed and automate payment services. The company is regulated by financial authorities in the UK and Ireland.
Modulr has secured £14m in a funding round led by Frog Capital, with continued participation from existing backer Blenheim Chalcot. The investment brings the company total funding to £24.5m and will support platform expansion and team growth across its London, Edinburgh and Dublin offices.
The company provides payment infrastructure for digital businesses and has processed over £10bn in payments since inception. The new capital will accelerate the development of fresh payment features and expand its presence across new and existing industry verticals in Europe.
From the founder
"We’re extremely pleased to have completed our latest funding round, led by Frog Capital, and to have found a likeminded investor to work closely with the leadership team and our existing lead investor, Blenheim Chalcot, to pursue the significant global opportunity for our business."
Myles Stephenson
CEO at Modulr
Investor perspective
"Ever since the second Payment Services Directive (PSD2) we have monitored the markets across Europe for leading innovative scale-ups addressing this sizeable segment. Modulr stood out with the quality of its team, its product and the unrivalled traction the company has already managed to achieve."
Jens Düing
Senior Partner, Frog Capital
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
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