Payments Tech Firm Modulr Wins £10m Grant

The money, which came from the Capability and Innovation Fund, will help the firm create 64 new jobs.

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.

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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.”

 

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