Payments as a Service API platform Modulr has secured a £9m investment from PayPal Ventures to develop additional products, grow its team and expand its customer base.

The firm, based in London, Edinburgh and Dublin, enables digital businesses and software platforms across lending, banking, FinTech, travel, employment services and accounting to embed and build new payment products and services within their customer journey.

In total, it has now raised £63.3m including investment from PayPal Ventures, Highland Europe, Frog Capital, Blenheim Chalcot and a £10m grant from the Capability and Innovation Fund.

Anil Hansjee, partner at PayPal Ventures said: “More digital businesses are looking to incorporate payments into their existing user experience but either don’t have the expertise or the resources.

“Modulr is well-positioned to be an enabler of this trend and will undoubtably expand end-users’ access to fast, reliable and secure financial services. We look forward to working with Modulr as it helps to powers the next generation of digital businesses.”

Myles Stephenson, CEO of Modulr added: “This investment marks an important milestone for Modulr’s modern payments infrastructure. Modulr lowers the barriers to bringing payments into a platform, creating endless new possibilities for our customers while allowing them to focus on their core competencies.”

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 new products including Payment Initiation and Confirmation of Payee.

It was recently granted an electronic money license from the Central Bank of Ireland which marks an important step in the company’s European ambitions.