UK-based fintech Modulr has secured a new investment from FIS Ventures, the corporate venture arm of financial technology company FIS.
The terms and size of the investment were not disclosed. It follows the firm’s £18.9m funding round in last May.
Modulr enables digital businesses and software platforms across multiple sectors to automate, embed, and build new payment services.
FIS aims to utilise Modulr’s API-based payments infrastructure to facilitate and automate business-to-business (B2B payments) in the UK and Europe as part of its expanded real-time payments strategy.
The fintech said it is currently working with software platforms that serve small and medium-sized businesses to tap B2B payments digitisation opportunity.
Commenting on the development, Modulr CEO Myles Stephenson said: “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.
“We look forward to working with FIS to develop and deliver better payments solutions and innovative services to businesses of all sizes.”
FIS chief growth officer Asif Ramji said the investment in Modulr is a key component of its comprehensive vision to offer real-time payments to organisations at a global scale.
Ramji said: “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.”
Last October, Modulr received its electronic money institution licence from the Central Bank of Ireland (CBI).
In September last year, the firm rolled out Confirmation of Payee, a fraud prevention initiative spearheaded by retail payments authority Pay.UK.
Modulr also added direct access to Visa and Mastercard during that year.