Modulr

CEO Myles Stephenson introduces you to Modulr

Our vision for Modulr – to stop payments being a barrier to business growth.

At Modulr, our vision is a world where all companies across the UK and Europe are powered by embedded payments.

Embedded payments is a new category which sees payments becoming an integral part of a business’s technology stack. By providing regulated and software-driven payment services, we help businesses to tackle the longstanding challenges they face with traditional payment methods, such as via a bank.

Gone are ‘business hours only’, ‘batch processes’ and ‘manual reconciliation’. This opens a world of real-time account provision, real time payments and instant actions, all delivered through API integrations. Through our embedded payments network and services, we enable hundreds of enterprise customers and thousands of SMEs to process and reconcile large amounts of payments automatically and in real time. Business in any sector, from investments and trading, to lenders, accountancy firms, travel operators, business marketplaces, property companies and car dealerships, can now unlock opportunity and drive new revenue streams, far higher efficiency, and smoother end-customer experiences.

Core to Modulr’s success is our robust platform, ability to operate at scale, and our multiple connections to payments schemes – including the UK’s Faster Payments Scheme and Europe’s SEPA Instant via the Bank of Lithuania. We’re also one of the few non-banks to have direct access to the Bank of England. This is all underpinned by our regulatory status as an Electronic Money Institution (EMI) in the UK by the Financial Conduct Authority and in Europe by De Nederlandsche Bank. Today, Modulr handles over $100bn of annualised payment volume and the platform handles on average 30 API calls per second and has an uptime of 99.99%.

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Nutshell

Modulr is an embedded payments platform for digital businesses

Sector

FinTech

Milestones

  • 2015:

    December

    Founded

  • 2016:

    May

    1st live transaction processed

    June

    Partnership with Agilisys to deliver Social Care Payments

    August

    Account Creation & Payment Initiation via API

    September

    Became authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Electronic Money Institution (AEMI)

    October

    £1m monthly payments

    December

    CEO, Myles Stephenson, joins the EPA Advisory Board

  • 2017:

    June

    £100m monthly payments

    October

    Went live with Iwoca

    November

    Won Payments Startup of the Year at the Payments Awards
    Launched industry-first Service Level Agreement (SLA)

  • 2018:

    January

    500k monthly transactions

    August

    1m monthly transactions

    September

    Official launch of Edinburgh office

    October

    Won 2 x Gold and 1 x Silver EPA Awards

    November

    Won 2 x The Rewards awards
    Won 1 x Lending Award in collaboration with Salary Finance

    December

    CEO, Myles Stephenson, is appointed Deputy Chair to the EPA Advisory Board

  • 2019:

    February

    Went live with Sage

    May

    Raised £14m from Blenheim Chalcot and Frog Capital

    August

    Awarded £10m from the Capability & Innovation Fund (RBS Alternative Remedies Package)

    September

    LinkedIn Top Startup in the UK

  • 2020:

    February

    Our direct access wins at Card and Payments Awards

    March

    We become a principal issuing member of Visa

    June

    We launched Payment Initiation

    September

    We became the first non-bank or building society to deliver Confirmation of Payee

    October

    We launched our hassle-free API card issuing service
    We're licensed by the Bank of Ireland to provide service in the EU

    November

    PayPal Ventures invests £9 million

Awards

2017: Winner of Payments Startup of the Year at the Payment Awards 2017
2018: Winner of Best B2B Payments Programme (Gold) at the Emerging Payments Awards 2018
2018: Winner of Best Technical Organisation for Supporting Emerging Payments (Gold) at the Emerging Payments Awards 2018
2018: Winner of Leading Payments Start-Up (Silver) at the Emerging Payments Awards 2018
2018: Winner of International Payments Provider Award at the Rewards 2018
2018: Winner of Technology Award at the Rewards 2018
2018: Winner of Alternative Consumer Lender of the Year - with Salary Finance at the Lending Awards 2018

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