Digital payment company Modulr plans to create 53 highly skilled jobs in Edinburgh as part of a £20 million investment package.
The tech firm, which has a base in Edinburgh, said that it will also use the funding to develop innovative financial products and solutions.
Modulr, the technology of which is used by Revolut and Sage, is committed to hiring graduates from Scottish universities every year over the next five years. The company has matched its recent £10m funding award from the BCR Capability and Innovation Fund, which was established to stimulate competition in the banking sector and part-funded by state-owned RBS.
The firm hopes to encourage talent by hosting events in Glasgow and Edinburgh to help SMEs understand how they can obtain the maximum benefits from using Modulr’s software.
- Fintech Scale-up Modulr to Create 50 Jobs in Edinburgh
- £14m Modulr Investment to Help Boost Edinburgh Operations
- Edinburgh Fintech Modulr Partners With Sage
Myles Stephenson, CEO of Modulr, said: “Scotland is packed with fantastic technology talent, world-renowned universities and businesses, so we’re tremendously excited to be growing our presence in Edinburgh and investing to raise the profile of Scottish fintech.
“Our base here will be absolutely critical as we work to drive innovation and competition in our sector, and to make money flow more efficiently through the economy.”
Derek Mackay, Cabinet Secretary for Finance, Economy and Fair Work, said: “I welcome the announcement of this award of £10 million which is both great news for Modulr and great news for Scotland’s fintech sector.
“This award will enable Modulr to create more than 50 additional jobs at its Edinburgh operation by accessing the pool of highly-skilled people available in the surrounding area. This is further evidence of the strength and attractiveness of Scotland’s fintech sector and Edinburgh in particular which now has over 100 fintech companies established.”
In February, the company raised £14m from new investors Frog Capital and existing investors Blenheim Chalcot, taking its total funding to £35m.