Modulr helps digital businesses to process payments quickly and efficiently. Its technology slots directly into their customer’s platforms and allows companies to automate and embed payments, saving time and reducing the costs associated with building your own, complex payment systems.
Relocation to the nation
Modulr is a rare breed. The Bank of England have provided direct access to the bank to a small number of highly credible players, and Modulr is one of these. This means it can process payments without going through a commercial bank, further removing reliance on third-party banking systems and the costs this incurs. Modulr currently assists with more than £100bn in transactions every year, for customers including Revolut, Sage and Salary Finance.
The business has been supported by venture and growth capital across its lifespan, with funding and guidance from General Atlantic, Highland Europe, Blenheim Chalcott, FIS Worldpay, PayPal Ventures and BVCA member, Frog Capital. And not only have these firms helped Modulr further its technology and grow as a business, but also invest £20m into the Scottish tech ecosystem and open a development hub of over 300 staff in Edinburgh.
Despite being headquartered in London, Modulr and its VC backers saw Edinburgh’s emergence as a leading tech hub and wanted to support it in disruptive innovation. In late 2019, the business invested £20m into the Scottish fintech industry – confirming Modulr’s ambition to radically transform SME banking and its belief in Scottish tech talent to help achieve this vision.
Modulr will used the funding to create an additional minimum 53 highly skilled technology jobs in the capital as well as nurturing new technology talent in Scotland by committing to hire graduates from Scottish universities every year for five years. Modulr has also hosted payment education events in Glasgow and Edinburgh to teach SMEs how to make the most of its payment functionality.
The move came after Modulr was awarded £10m from the Banking Competition Remedies Capability and Innovation Fund (CIF), designed to drive innovation and boost competition in UK business payments. Modulr also invested £10m of its own capital, to deliver on its commitments to expand the benefit of the CIF to as many clients as possible – a testament to the strength and attractiveness of Scotland’s fintech sector.The company’s Edinburgh office is now at the heart of the Modulr operation. By far the majority of its near 500 employees are based in the Scottish capital.