Modulr secures Series D investment from FIS Ventures to drive real time payments
The payments platform has secured strategic backing from the corporate venture arm of FIS.
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 a Series D investment from FIS Ventures, the corporate venture arm of FIS. The undisclosed funding will support the rollout of real time business payments across the UK and Europe. FIS plans to utilise the infrastructure to help corporate clients accelerate their transition to digital payment systems.
The raise follows a period of growth for Modulr, which secured direct access to payment schemes and obtained an electronic money licence in Ireland. The corporate payments market remains significantly larger than the consumer sector, providing a large addressable opportunity for digital platforms.