Ukbased Modulr Api 108m Series Atlanticfaridi – UK-based Modulr, an API payments infrastructure provider that lets businesses “to automate and embed payments”, raises a $108M Series C led by General Atlantic.
Modulr is pleased to announce the closing of its Series C financing round totaling $108 million. The round was co-led by General Atlantic and KKR with participation from existing investors Silicon Valley Bank, Capital One Growth Ventures and Earlybird Venture Partners.
A key goal in the Modulr platform is to make payments easier for small businesses. Today’s traditional payments process is time consuming and expensive to setup, especially for smaller companies who face high labor and transaction fees.
Modulr’s platform lets businesses embed real-time payment functionality in their systems, letting them take payments at any time they want, securely and quickly.
Having launched in 2016, Modulr has already validated a US market for the individual businesses it works with. The company is now seeking to scale its product and ambition to begin working with enterprise-sized clients. It’s opening offices in the U.S. and Europe to help realise that goal and is growing its team rapidly. “The investment will enable us to take our business to the next level,” said Modulr CEO and cofounder Andrew D’Souza. “We’re already working with Silicon Valley’s biggest companies and we’re currently in discussions with several Fortune 500 companies. We’ve built a great platform and are looking forward to scaling it even further.”
“With the additional funding we’ll be able to accelerate our growth, both in the U.S. and in other markets around the world,” said Tim Cook (not that one). “We already operate in over 50 countries and want to expand on that figure. We want our platform to be the go-to payments software for any company that is looking to plug into this infrastructure.”
Modulr has over 60 clients, which have collectively processed more than $100 million dollars via its platform, including two of Silicon Valley’s biggest software companies. It is currently working with leading global brands such as PwC and Mastercard to build a network of technology partners.
Modulr was founded in 2016 by Andrew D’Souza and Grant Hatton. The initial seed investment was led by Anton Chuvakin (co-founder of Just Eat). Modulr is based in London and New York.
Modulr’s API-first platform helps businesses embed payments into their applications by creating a link between their own system with the Modulr platform. This enables them to create and utilise payment options on the same page or even as a first-class API, without having to build payment functionality themselves.
Customers using Modulr pay a premium that they can use themselves or pass onto the businesses they do business with.
Modulr uses Stripe’s software development kit to deliver secure payments via credit cards and Stripe Connect for allowing users to accept cryptocurrency payments.
Modulr also integrates with Slack so customers can pay each other without ever leaving the messaging app.
The Modulr platform is built on Google Cloud, leveraging Google’s global infrastructure and machine learning capabilities. It also uses the Twilio API, which gives its customers an option to pay via text message.
It is majority funded by General Atlantic, with participation from the existing investors Silicon Valley Bank (USA), Capital One Growth Ventures and Earlybird Venture Partners.
This news release was originally published by PR Newswire and is reproduced with permission.
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