UK based payments-as-a-service provider raised £9m in growth funding led by PayPal Ventures.
Lacking the expertise and resources to do this, PayPal thinks Modulr is “well-positioned to be an enabler”. “Modulr lowers the barriers to bringing payments into a platform,” adds the start-up’s CEO, Myles Stephenson. He thinks digital alternatives to commercial payments have “historically been inaccessible and unaffordable to SMEs and enterprise alike”. “The opportunity for a digital alternative to commercial and wholesale transaction banking is significant.”