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Modulr raises ?18.9M for its ‘Payments as a Service’

Modulr, the U.K. fintech that offers ‘Payments as a Service’ as an alternative to commercial and wholesale transaction banking, has secured ?18.9 million in growth funding. Leading the round is Highland Europe, with participation from existing investors including Frog Capital.
Modulr says the injection of capital will be used to further develop the payments platform and expand into new products and markets, including European expansion. It brings the total raised by the company to just over ?43 million, not including a ?10 million grant from the Capability and Innovation Fund (pdf).
“We are solving the problem of relationship and technical access to commercial and wholesale transaction banking,” co-founder and CEO Myles Stephenson tells TechCrunch. “We’re providing a complete alternative to using a bank for payments: technology, regulatory permissions and direct access to the payment schemes”.
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