Modulr will use the funding to develop its platform and expand into new product areas and markets. The funding round was led by European growth capital firm, Highland Europe.
The team at international legal practice Osborne Clarke that advised Highland Europe on the investment was led by Reading-based partner Robert Wood (corporate) alongside associate Josephine Healy (corporate) and legal director Clare Burman (regulatory).
Last year Modulr became one of the few non-banks to gain direct access to Faster Payments and Bacs, as well as becoming a principal issuing member of Visa.
In the four years since its founding, the company has established itself as the leading digital payments alternative in the wholesale and transaction payments market.