Founders: Myles Stephenson, Ritesh Tendulkar
Keywords: Payments, Business Payments
Who is it for: Lenders, Fintechs, Payroll Services
Total funding: $43.15M
Latest funding: $12.5M, Grant - Capability % Innovation Fund, August 2019
HQ: UK, London (with offices in Edinburgh and Dublin)
“Providing an alternative to traditional bank accounts for business payments”
A recent report by Juniper Research estimated business-to-business transactions processed by pureplay digital operators will surpass $14tn by 2023.
Modulr accounts come with sort codes, access to payment schemes allowing businesses to Instantly open as many as they need and automate how they get paid, reconcile and make payments.
One of the first Fintechs to be directly integrated into the Bank of England Payment Rails, Modulr has transacted over £10Bn through their platform and have grown from 40 to over 100 people in the past year.
In February 2019, Sage outsourced all their payments and payroll to Modulr to simplify the task of managing accounts payable and payroll payments for millions of UK businesses.