Embedded payments platform Modulr has acquired Nook, a disruptor in accounts payable automation.
Modulr intends to bring Nook鈥檚 functionality to its established network of thousands of accountants and businesses.聽
It says security and efficiency remain central to both platforms, with features such as Confirmation of Payee (CoP) to validate account details in real-time, helping prevent fraud across payment processes.
Founded in 2021, Nook has built one of Europe鈥檚 most comprehensive AP products, earning Xero鈥檚 Emerging App of the Year award. Nook鈥檚 platform simplifies AP workflows for businesses and accountants, offering full invoice lifecycle management from receipt, through approval to payment and reconciliation with accounting software.聽
Advanced tools such as Optical Character Recognition (OCR) enhanced with AI ensures precise line-item capture of each invoice, while customisable approval workflows and seamless accountant collaboration remove manual steps and save time.
鈥淎ccess to payment services for businesses is fundamentally broken,鈥� said Myles Stephenson, CEO and founder of Modulr.聽
鈥淢odulr was created to enable new standards for business payments, and this acquisition accelerates us closer to that vision. By combining Nook’s AP automation platform with our embedded payments expertise, we鈥檒l be able to provide our existing and prospective customers with even more products that save time and money for busy business owners and accounting professionals.鈥�
Joe Lines, co-founder of Nook, added: 鈥淲e are embarking on a new chapter in our mission, now part of the Modulr team, to reduce complexity for businesses by combining payment automation with our award-winning AP workflow platform.聽
鈥淭ogether, we鈥檙e equipped to offer an even more robust solution to help our customers grow with ease.”