London fintech startup Modulr has raised follow on funding from PayPal Ventures.
"We want to give businesses the ability to embed payments functionality within their own software with the technological speed, flexibility and reliability they've come to expect from the rest of the digital world," Myles Stephenson, Modulr CEO, told Business Insider in an interview. The company, founded in 2016, will use the funding to scale its offering in the wholesale and commercial payments market which moves $120 trillion each year.
"We want to offer payments as a service as the leading alternative to the traditional wholesale and commercial banking market. We want to give businesses the ability to embed payments functionality within their own software with the technological speed, flexibility and reliability they've come to expect from the rest of the digital world."
The London-based company has grown rapidly in the past year, going from 45 employees mid-2019 to more than 180 now. PayPal will have a seat on the board of the company following the investment.