Payments-as-a-service platform Modulr has secured investment from the corporate venture arm of Fortune 500 company FIS.
FIS Ventures plans to use Modulr’s API-based payments infrastructure to facilitate and automate real-time, business-to-business payments in the UK and Europe.
Modulr did not disclose the amount of strategic investment it is set to receive from FIS Ventures.
Asif Ramji, chief growth officer at FIS, said: “Our investment in Modulr is a key component of our comprehensive vision at FIS to bring the full power and potential of real-time payments to organisations at a global scale.
“Working with Modulr, we’ll be able to help our clients in the UK and EEA market accelerate their journey to digital payments, as well as work towards delivering a suite of new global real-time payment propositions.”
Modulr was recently granted an electronic money licence from the Central Bank of Ireland.
Myles Stephenson, CEO of Modulr, added: “FIS and Modulr share the same ambition, to enable businesses to move fast and transform their payment processes, software and experiences in line with the digital world.
“We look forward to working with FIS to develop and deliver better payments solutions and innovative services to businesses of all sizes.”
Over the past year, Modulr became a directly connected participant of the Bacs scheme, alongside direct participation in the Faster Payments scheme.