Modulr, the U.K. fintech that provides’Payments as a Service’as an alternative to wholesale and commercial transaction banking, has actually secured ₤ 18.9 million in development financing. Leading the round is Highland Europe, with involvement from existing financiers including Frog Capital.
Modulr says the injection of capital will be utilized to additional develop the payments platform and expand into brand-new items and markets, consisting of European expansion. It brings the overall raised by the company to just over ₤ 43 million, not including a ₤ 10 million grant from the Capability and Innovation Fund (pdf).
“We are solving the issue of relationship and technical access to business and wholesale transaction banking,” co-founder and CEO Myles Stephenson informs TechCrunch. “We’re providing a total alternative to using a bank for payments: technology, regulative consents and direct access to the payment plans”.
In 2015, this saw Modulr turned into one of just a couple of non-banks to gain direct access to Faster Bacs and payments, the two primary U.K. bank payments plans. The fintech is likewise a “principal” releasing member of Visa.
“We see ourselves as the plumbing layer behind the scenes– providing the payments facilities that enables other companies to automate payment circulations and reconciliation, embed payment streams within their platform and build totally new payment services for their consumers,” includes Stephenson.
To date, services throughout financing, fintech, alternative banking, accounting, travel and more have actually processed over ₤ 25 billion in payments through the Modulr platform, which counts Revolut as one of its biggest clients. Other partner clients consisting of Sage, Liberis, Salary Financing and Iwoca.
In regards to competitors, Stephenson states Modulr is normally replacing “the payment services offer by a bank combined with a technology service such as Bottomline Technologies”. (Although, obviously, there are other modern payments as a service providers, including opposition bank Starling).” What we think makes us stand out is our sole concentrate on being a B2B and infrastructure provider with access to, and trust of, crucial regulators and payment networks/schemes,” he includes. “This suggests we have the very same level of access to payment schemes as a bank offers, however backed by our resilient, effective and trusted API platform”.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.