Highland Europe and Frog Capital both make further investment into Modulr

Osborne Clarke has advised Highland Europe and Frog Capital on additional investment in Modulr, an embedded payments platform for digital businesses.

The Osborne Clarke team advising both parties was led by corporate partner Robert Wood and included senior associate Josephine Healy.

In total, Modulr has raised $108m (£83m) in series C funding which was led by General Atlantic and also included investment from Blenheim Chalcot and PayPal Ventures.

Modulr is a pioneer in the provision of embedded payments across a range of vertical markets. Its technology enables businesses to build payments directly into their own platforms without needing to build complicated payment systems, become regulated themselves or manage the complexities of payment network membership.

Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage and BrightPay, and their millions of customers. Modulr has seen significant user growth and adoption, now processing an annualised transaction value of more than £100bn. It has a deep understanding of embedded payment requirements in specific vertical markets undergoing digital transformation including accounting & payroll, travel, and hyper growth markets like next generation banking and fintech.

Modulr intends to use the funding to accelerate its geographic footprint, extending its client and partner coverage in existing and new market verticals in the UK and Europe. The funding is anticipated to help Modulr stay at the forefront of innovation in the automation of real-time embedded payments, further expanding the use of Account-to-Account payments and Open Banking payments as well as providing actionable data insights and seeking to broaden its suite of services for current and future customers.

Osborne Clarke’s Corporate team is a go-to practice for companies in the Tech, Media & Comms and Fintech sectors. Its clients range from global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.