API payments start-up Modulr has received investment from the venture arm of global financial technology firm FIS.
FIS plans to leverage Modulr’s API-based payments infrastructure to facilitate and automate real–time, business-to-business payments in the UK and Europe.
2020 was a breakout year for the company as it signed up a number of large enterprise customers, despite the macro economic challenges posed by COVID-19.
“FIS and Modulr share the same ambition, to enable businesses to move fast and transform their payment processes, software and experiences in line with the digital world,” said Myles Stephenson, CEO at Modulr.
“We look forward to working with FIS to develop and deliver better payments solutions and innovative services to businesses of all sizes.”
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Asif Ramji, chief growth officer at FIS, commented: “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 organisations 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.”
Modulr enables digital businesses and software platforms across a growing range of sectors including lending, banking, FinTech, travel, employment services and accounting to easily automate, embed and build new payment services within their customer journey.
With its full–stack payments-as-a-service API, it handles much of the complexities and regulatory overhead, so that its clients can focus on their own unique value proposition.
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In the last year, Modulr became a directly connected participant of the Bacs scheme, alongside direct participation in the Faster Payments scheme, enabling Modulr to settle and hold funds at the Bank of England.
Modulr has further added direct access to Visa and Mastercard, as well as delivering innovative new products including Payment Initiation and Confirmation of Payee.