FIS Ventures invests in leading UK FinTech Modulr, as it drives real-time payments solutions and capabilities at a global scale.
Modulr, a leading Payments-as-a-Service applications programming interface (API) platform, has secured new investment from FIS Ventures, the corporate venture arm of global financial technology leader FIS, for an undisclosed amount. Modulr is regulated by the Financial Conduct Authority and Central Bank of Ireland, with the EMI also benefiting from direct access to the Bank of England. The corporate and business payments market, in which Modulr operates, is considered to be worth $2 trillion, nearly five times as large as consumer payments.
FIS plans to leverage Modulr’s API-based payments infrastructure to facilitate and automate realtime, business-to-business, payments in the U.K. and Europe as part of FIS’ broader real-time payments strategy.
Modulr is tapping into the massive business-to-business payments digitisation opportunity by working with software platforms that serve small and medium-sized businesses. 2020 was a breakout year for the company as it signed up a number of large enterprise customers, despite the macro economic challenges posed by COVID-19.
Myles Stephenson, CEO 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, comments: “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 enables digital businesses and software platforms across a growing range of sectors including lending, banking, fintech, travel, employment services and accounting to easily automate, embed and build new payment services within their customer journey. With its full stack Payments-as-a-Service API, it handles much of the complexities and regulatory overhead, so that its clients can focus on their own unique value proposition.
In the last year, Modulr became a directly connected participant of the Bacs scheme, alongside direct participation in the Faster Payments scheme, enabling Modulr to settle and hold funds at the Bank of England. Modulr has further added direct access to Visa and Mastercard, as well as delivering innovative new products including Payment Initiation and Confirmation of Payee. Modulr was most recently granted an electronic money licence from the Central Bank of Ireland which marks an important step in the company’s European ambitions.
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API. Modulr FS Limited (FRN 900573) is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. Modulr FS Europe Limited (638002) is authorised by the Central Bank of Ireland as an Electronic Money Institution.
Modulr most recently received investment from PayPal Ventures in late 2020 and has raised a total £63.3 million from the former, Highland Europe, Frog Capital, Blenheim Chalcot and a £10m grant from the Capability and Innovation Fund. Modulr was also named the second fastest growing tech company in 2021 by Dun&Bradstreet.
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).