Modulr raises £9m from PayPal Ventures in a Series C round to expand operations and product development.
PayPal Ventures led the Series C follow on investment to support product development and team expansion.
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 £9m in a Series C follow on funding round from PayPal Ventures. The capital will be directed towards developing new products, growing the team, and expanding the customer base as demand for embedded payment infrastructure increases across digital sectors.
The company has experienced a strong period of growth, signing several enterprise customers and securing direct access to major settlement schemes including Bacs and Faster Payments. This latest injection of funds supports its broader strategy to scale operations and extend its presence across digital business segments.
From the founder
"This investment marks an important milestone for Modulr’s modern payments infrastructure. 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."
Myles Stephenson
CEO at Modulr
Investor perspective
"More digital businesses are looking to incorporate payments into their existing user experience but either don’t have the expertise or the resources. 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."
Anil Hansjee
partner, PayPal Ventures
Use of funds
- 01Continue product development
- 02Grow the team
- 03Expand into international markets