Payments company Modulr said on Wednesday that it has raised another £10 million ($12.1 million).
The London-based firm received the money from the Capability and Innovation Fund, an investment scheme tied to the British government’s bailing out of the Royal Bank of Scotland a decade ago.
Wednesday’s announcement means that Modulr, which provides payments technology to small and medium-sized enterprises, has now raised just under £35 million since its founding in 2016.
The payments company’s most recent cash injection came in May of this year when a number of investors, including Blenheim Chalcot, put £14 million into the firm.
New jobs in London and Edinburgh
In a statement, Modulr said that it would be matching the £10 million it has received from the Capability and Innovation Fund “to deliver on its commitments to expand the benefit of the [fund] to as many clients as possible.”
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Those funds will allow the company to significantly expand its operations. In its statement, the payments firm claimed that it would be able to create sixty-four new jobs as a result of the investment.
Some of those new executives will be based in Modulr’s London office. But a significant proportion – 80 percent according to the company – will work from the firm’s office in Edinburgh.
“We want to make tired old payment technology a thing of the past for neglected accountants and SMEs,” said Modulr CEO Myles Stephenson.
“Modulr was founded with a purpose to make money flow more efficiently through businesses and the economy. This award from the [Capability and Innovation Fund] will help us deliver on our vision and passion to support SME businesses to thrive across the UK.”