Embedded payments platform Modulr has raised $108 million (£83 million) in a Series C funding round led by General Atlantic, as part of its ambition to become “a pan-European payments champion”.
Existing investors, including Blenheim Chalcot, Frog Capital, Highland Europe and PayPal Ventures, also participated in the fundraising, taking the amount raised to date by Modulr to £150 million.
Modulr said it will use the funding to extend its client and partner coverage in existing and new market verticals in the UK and Europe, managed from its operational and regulatory centre in Amsterdam.
Modulr, which launched in 2016, delivers embedded payments through its “FinOps hub”, which operates across a range of payment rails, is real time and can be connected to via Modulr’s APIs.
With offices in London, Edinburgh, Dublin and Amsterdam, Modulr is now processing an annualised transaction value of more than £100 billion.
Myles Stephenson, founder and CEO of Modulr, said: “Our ambition is to cement Modulr’s position as a leader in embedding financial technology into businesses across the UK and Europe. Our modern FinOps hub enables large enterprises, fintechs and digital businesses to build, scale, and control money flows.
“We believe the opportunity is vast and continues to grow with the rise of digital payments.”
He added that the latest funding round will help support Modulr “to become a pan-European payments champion”.
Aaron Goldman, managing director and co-head of financial services at General Atlantic, said: “Modulr has built a bridge between payments infrastructure and businesses who want to embed fintech into their products.
“The company’s scalable, enterprise-grade architecture and seamless API have helped to establish its reputation and driven client wins spanning travel, accounting, payroll, challenger banking and vertical software across the UK and Europe.”