Modulr Series-B

This is the Modulr pitch deck to raise a $35m series-b round in 2020.

The fund raise was from Highland Europe and on a follow-on funding, it was from Paypal Ventures.

Modulr is a fintech company that provides Payments as a Service API for digital businesses. It enables users to automate payment flows, embed payments into the platform, and build new payment products and services themselves from a single API. Modulr has direct access to the Bank of England and claims to facilitate a fast experience that digital customers demand.

The company was founded in 2015 and is headquartered in London, England.

London fintech startup Modulr has secured an undisclosed amount of investment from financial services giant FIS as part of a strategic partnership.

The company, founded in 2016, will use the funding to scale its offering in the wholesale and commercial payments market which moves $120 trillion each year. Modulr helps clients manage payments and payroll accounts in real time via an API (application programming interface).

Modulr previously raised £18.9 million ($23.2 million) from Highland Europe in May with participation from existing investors including UK-based investors Frog Capital and Blenheim Chalcot and more recently secured £9 million ($11.9 million) in follow-on funding from PayPal Ventures.

“We want to build out our capability and having FIS on board is further validation of of what we’re doing,” Modulr CEO Myles Stephenson told Insider. “There’s no change to our approach and we’re going deeper into existing verticals but this deal gives us even more focus and credibility around what we want to achieve.”

Modulr’s target is what it estimates to be a $2.7 trillion market of administrative costs paid by small businesses to banks which use legacy payments systems. These incumbent processes are often manual, cumbersome, and inefficient, according to Stephenson.

FIS Ventures is a $150 million vehicle founded last year to invest in promising fintech startups. The Fortune 500 company hopes to partner with growing businesses to benefit its own operations and that of the company.

Modulr has more than quadrupled in size over the past year with the companys headcount at around 220, up from 45 people in 2019. Stephenson also expects the growth to continue with Modulr staff set to break 300 by the end of the year.

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