Fintech scale-up Modulr will use a £10 million grant to expand its Edinburgh operations and create more than 50 high-quality jobs.
The funding boost, delivered through the Capability and Innovation Fund, will enable the creation of a new product, the Accountant Payments Control Centre (APCC), which aims to offer greater control, automation and efficiency for Modulr’s accountant and SME clients.
Additionally, more than 64 high-quality regional jobs will be created by the firm following the grant funding, with at least 80% of the roles being used to scale the company’s existing presence in Edinburgh.
Modulr, which has a footprint in Edinburgh, London and Dublin, provides businesses with a digitally native alternative to traditional banking and payment services.
The company confirmed it will also match the £10 million investment to deliver on its commitments to “expand the benefits of the CIF” to its clients, create new products and support future job creation.
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Myles Stephenson, CEO at Modulr, said the award will help the fintech “deliver on our vision and passion to support SME businesses to thrive across the UK”.
He added: “We want to make tired old payment technology a thing of the past for neglected accountants and SMEs. Modulr was founded with a purpose to make money flow more efficiently through businesses and the economy. This award from the CIF will help us deliver on our vision and passion to support SME businesses to thrive across the UK.”
“This is a great opportunity to bring an entirely new digital solution to market; the benefits of unlocking automation and straight-through payment processing will radically change the way SMEs and accountants do business,” Stephenson added.
Modulr has experienced rapid growth since it was launched in January 2016 and has grown to process more than £14 billion of transactions on behalf of clients and partners including Sage and Revolut. Currently, the fintech reaches more than 35,000 SMEs through its client and partner network, providing digital payment alternatives to traditional payment and banking services.
In May this year, Modulr secured a £14 million funding package – taking the total amount raised by the firm to £24.5 million.
Moving forward, the company will make its payment services available to almost one million SMEs and aims to drive cost-effective innovation and boost competition within the UK business payments market.