Modulr, the B2B payments platform specialist, has completed an £83 million Series C funding round led by General Atlantic.

The fintech scale-up, which has offices in Edinburgh, revealed the investment round included participation from existing backers such as Blenheim Chalcot, Frog Capital and Highland Europe.

Commenting on the investment, Modulr CEO & founder Myles Stephenson 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.”

Stephenson confirmed the investment will enable the firm to accelerate expansion across Europe and the UK, and tap into the fast-growing European digital payments market.

He said: “This latest funding round will help support Modulr to become a pan-European payments champion.”

Modulr delivers payments infrastructure for over 200 customers, including Revolut, Wagestream, Sage and BrightPay.

The firm has seen significant user growth and adoption in recent years, and now processes an annualised transaction value of more than £100bn.

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The funding success means Modulr has now raised more than £150 million in funding since its inception in 2016.

In 2020, the fintech received a £9 million funding boost from PayPal Ventures. One year prior, Modulr also secured £14 million from Frog Capital and Blenheim Chalcot.

Aaron Goldman at General Atlantic commented: “Modulr has built a bridge between payments infrastructure and businesses who want to embed fintech into their products.

“Modulr enables clients to move money more efficiently, create accounts quicker, simplify processes and integrate what were historically thought of as ‘traditional financial’ services into their own product offerings.”

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