Modulr receives investment from PayPal Ventures

Modulr, a leading Payments as a Service API platform, has secured a £9 million investment from PayPal Ventures to develop additional products, grow its team and expand its customer base.

Modulrenables digital businesses and software platforms acrosslending, banking, fintech, travel, employment services and accountingto easily embed and buildnew payment products and services within their customer journey.With its full stack Payments as a Service API,it handles much of the complexities and regulatory overhead, so that its customers can focus on their own unique value proposition. Modulr'sdirect access to the Bank of England facilitates the fast experience that digital customers demand.

Modulris tapping into the massive business to business paymentsdigitisationopportunity by working with platforms that serve small and medium-sized businesses. 2020 has been a breakout year for the company as it signed up number of large enterprise customers, despite the macro economic challenges posed by COVID-19.

Anil Hansjee, partner at PayPal Ventures said:"More digital businesses are looking to incorporate payments into their existing user experience but either don't have the expertise or the resources.Modulris well-positioned to be an enabler of this trend and will undoubtably expandend-users'access to fast, reliable and secure financial services. We look forward to working withModulras it helps to powers the next generation of digital businesses."

Myles Stephenson, CEO ofModulrsaid: "This investment marks an important milestone forModulr'smodern payments infrastructure. Modulrlowers 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 the last year, Modulr became a directly connected participant of the Bacs scheme, alongside direct participation in the Faster Payments scheme,enablingModulrto settle and hold funds at the Bank of England. Modulrhas further added direct access toVisa and Mastercard, as well as delivering innovative new products including Payment Initiationand Confirmation of Payee. Modulrwas most recently granted anelectronic money license from the Central Bank of Irelandwhich marks an important step in the company's European ambitions.

In total, Modulrhas raised £63.3 million including investmentfrom PayPal Ventures, Highland Europe, Frog Capital, Blenheim Chalcot and a £10m grant from the Capability and Innovation Fund.