API payments infrastructure platform Modulr has received an investment from FIS Ventures, the investment division of FinTech solution developer FIS.
The amount of capital supplied in the deal was not disclosed.
As part of the deal, FIS hopes to leverage Modulr’s API infrastructure to facilitate and automate real-time, business-to-business payment in the UK and Europe.
Modulr helps digital businesses within the lending, banking, FinTech, travel, employment and accounting sectors to automate and embed payment services within their customer journey. The payments-as-a-service API handles complexities and regulatory overhead.
It claims 2020 was a “breakout year” for the company and was able to sign several large enterprise customers.
Last year, the company became a connected participant of the Bacs scheme and earned participation in the Faster Payments scheme, enabling it to settle and hold funds at the Bank of England.
FIS chief growth officer Asif Ramji said, “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.”
The company previously raised a £9m investment in November 2020 from PayPal Ventures to help it scale.
In total, the FinTech has raised a total of £63.3m in funding from backers include Highland Europe, Frog Capital, Blenheim Chalcot and others.
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