Modulr Secures £18.9 m to Take Its Payments Game to the Next Level
In a move that would make Wall Street blush, Modulr – the fintech that’s turning commercial and wholesale banking into a digital playground – has closed a fresh round of growth capital worth £18.9 m (about €22 m). With this injection, the company can now crank out new features like card‑issuing, broaden its European payment capabilities, and push into untapped markets.
Who’s Betting on Modulr?
- Highland Europe – the growth‑capital firm leading the round.
- Frog Capital – the scale‑up specialist who’s already backing Modulr.
- Blenheim Chalcot – the venture builder that helped build the company from scratch.
This brings Modulr’s total funding to a cool £53.3 m, neatly aligning with the £10 m grant it snagged from the Capability & Innovation Fund back in August.
Why Modulr Is Turning Business Payments on Their Head
Imagine paying a small business your customers owe you but the process feels like a maze in a 1950s office. That’s the old way—a labyrinth where 80% of the $2.7 trn spent each year on administrative costs ends up stuck with the banks. Modulr flips that script by:
- Automating payment flows end‑to‑end.
- Embedding payments right into the platforms small firms already use.
- Giving businesses the power to create their own payment products and services.
Result: faster cash flow, less friction, and a landlord—well, a “landscaper”—of efficiency that doesn’t freeze during a global crisis.
Milestones That Make Modulr a Must‑Watch
- 2019: Became one of the first non‑banks to tap directly into Faster Payments and Bacs.
- 2020: Became a principal issuing member of Visa.
- Opened a Dublin office, stepping out of its UK roots to chase the European market.
- Processed over £25 bn in payments within partner clients like Sage, Liberis, Salary Finance, and Iwoca—less than four years after launching.
Talks from the Trenches
CEO Myles Stephenson says, “Last year we smashed growth, gained direct links to key payment infrastructure, and proved ourselves as the go‑to partner for ambitious companies in the UK and beyond. With Highland Europe on board, we’re fueling that momentum and building a reliable, user‑friendly service that lets businesses focus on what matters, not the tech behind the scenes.”
Highland Europe’s Laurence Garrett adds, “The business payments market is a huge, five‑times‑larger arena than consumer payments. Modulr is leading the pack with proven resilience and steady growth in the B2B arena. We’re excited to turbo‑charge its expansion.”
Frog Capital’s Mike Reid rounds off, “Modulr injects fresh air into the corporate payments sector with efficiency, flexibility, and transparency. Plus, their direct Bank of England gateway marks them as a standout European fintech powerhouse.”
Ready to Keep Up?
Modulr’s growth capital not only propels the company’s platform forward but also signals a pivotal shift in how businesses payment. If you’re tired of clunky banking or an admin nightmare that feels like a circus, Modulr’s digital infrastructure could be your new best friend.
