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Modulr raises $17.8M in funding led by Frog Capital to expand payments platform

Modulr, a payments-as-a-service platform for digital businesses, said it raised $17.8 million in funding led by Frog Capital.

Existing investor Blenheim Chalcot participated in the round and the new investment brings the total amount that Modulr has raised to date to $31.2 million (24.5 million pounds).

The company said the funding will be used to grow its existing teams of employees in London and Edinburgh, Scotland, which are two of the leading fintech hubs in the region. The company will use its recently opened Dublin office as a hub for additional expansion of its European business.

"We’re extremely pleased to have completed our latest funding round, led by Frog Capital, and to have found a like-minded investor to work closely with the leadership team and our existing lead investor, Blenheim Chalcot, to pursue the significant global opportunity for our business," Miles Stephenson, chief executive at Modulr, said in a company release.

He said the company has processed more than $12.7 billion during the first two years of existence, since early 2017. The new investment will allow it to take the next step to become the leading digital alternative for payments in the wholesale and commercial payments arena.

The company in February reached an agreement with travel technology firm Paxport, to provide payments solutions for tour operators and online travel agencies. Modulr also entered an agreement with Sage to automate salary and supplier payments.