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UK-based fintech Modulr secures funding from FIS Ventures

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The startup will use the funds to develop better payment solutions

UK-based fintech startup Modulr has secured an undisclosed amount in a fresh funding round led by FIS Ventures, the venture arm of global financial technology leader FIS, media reports said. The funds will be used by the startup develop and deliver better payments solutions.

In this regard, Asif Ramji, chief growth officer at FIS told the media, “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.”

Established in 2016, Modulr is a leading Payments-as-a-Service applications programming interface (API) platform. Over the years the fintech has established itself as a digital alternative to traditional banks in the wholesale and transaction payments market, which moves $120 trillion each year. The startup raised £62 million so far, which includes a £9 million investment from PayPal.

According to data in Tech Nation’s Annual Report, fintech startups in UK raised $4.5 billion from venture capital firms in 2020. This is a 23 percent drop when compared to the nearly $6 billion raised in 2019.

Tech Nation CEO Gerard Grech told the media, “This year has highlighted the UK tech sector’s enormous resilience and world-beating innovative spirit. In the face of a major global crisis, it has not only survived; in many areas, it has boomed.”

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