Payments-as-a-service provider Modulr, based in the UK, has secured new investment from FIS Ventures, the corporate venture arm of global financial technology company FIS.
Following the investment, of an undisclosed sum, FIS plans to leverage Modulr’s API-based payments infrastructure to facilitate and automate real-time, business-to-business payments in the UK and Europe as part of its broader real-time payments strategy.
Myles Stephenson, chief executive officer at Modulr, comments: “FIS and Modulr share the same ambition, to enable businesses to move fast and transform their payment processes, software and experiences in line with the digital world. We look forward to working with FIS to develop and deliver better payments solutions and innovative services to businesses of all sizes.”
Asif Ramji, chief growth officer at FIS, adds: “Our investment in Modulr is a key component of our comprehensive vision at FIS to bring the full power and potential of real-time payments to organizations at a global scale. Working with Modulr, we’ll be able to help our clients in the UK and EEA market accelerate their journey to digital payments, as well as work towards delivering a suite of new global real-time payment propositions.”
Modulr received investment from PayPal Ventures in late 2020 and has raised a total £63.3 million, including a £10 million grant from the Capability and Innovation Fund.
The fintech provides a payments-as-a-service API platform for digital businesses. Using Modulr, they can automate payment flows, embed payments into their platforms, and build new products and services.
In the last year, Modulr has become a directly connected participant of the Bacs scheme, alongside direct participation in the Faster Payments scheme, enabling the fintech to settle and hold funds at the Bank of England.
It has also added direct access to Visa and Mastercard, and delivered a steady pipeline of new products, including payment initiation and confirmation of payee.
The fintech was recently granted an electronic money licence from the Central Bank of Ireland, marking an important step in its European ambitions.