API payments start-up听Modulr听has received investment from听the venture arm of听global financial technology听firm FIS.听
FIS plans to leverage听惭辞诲耻濒谤鈥檚听API-based payments infrastructure to facilitate and automate real–time, business-to-business payments in the UK and Europe.听
2020 was a breakout year for the company as it signed up听a number of听large enterprise customers, despite the macro economic challenges posed by COVID-19.听
鈥淔IS and听Modulr听share the same ambition, to enable businesses to move fast and transform their payment processes, software and experiences in听line with the digital world,鈥� said听Myles Stephenson, CEO at听Modulr.听听
鈥�We look forward to working with FIS to develop and deliver better payments solutions and innovative services to businesses of all sizes.鈥澨�听
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Asif Ramji, chief growth officer at FIS, commented: 鈥淥ur investment in听Modulr听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.听听
鈥�Working with听Modulr, we鈥檒l 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.鈥�听
Modulr听enables digital businesses and software platforms across a growing range of sectors including lending, banking,听FinTech, travel, employment services and accounting to easily automate, embed and build new payment services within their customer journey.听听
With its full–stack听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.听
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In the last year,听Modulr听became a directly connected participant of the Bacs scheme, alongside direct participation in the Faster Payments scheme, enabling听Modulr听to settle and hold funds at the Bank of England.听听
Modulr听has further added direct access to Visa and Mastercard, as well as delivering innovative new products including Payment Initiation and Confirmation of Payee.听听