← Embedded Finance Index 2026

Modulr

Also a provider — view Modulr’s profile →

“Can a regulated API-first payments infrastructure layer — covering UK, EU, and now US rails — become the default embedded payment and account operating system for fintechs, lenders, and enterprise SaaS platforms globally?”

Founded2015
HQLondon, UK (Scale Space, 58 Wood Lane, London W12 7RZ)
FoundersMyles Stephenson
Total raised~£161M+ (including £10M grant from Capability and Innovation Fund)
Latest roundSeries C, May 2022
IndustryInfrastructure / Payments
The story

Founded in 2015 as a Payments-as-a-Service API platform, Modulr positioned itself as a direct alternative to commercial transaction banking, providing regulated payment infrastructure (FCA EMI license) to fintechs, lenders, payroll platforms, and enterprise software companies without requiring them to become regulated themselves. Over time the platform expanded from UK Faster Payments and Bacs to SEPA, SWIFT, Open Banking PIS/AIS, and card issuing on Mastercard/Visa. The 2022 Series C funded a pan-European push; by 2026, the company pivoted further outward into the US market via the FIS Money Movement Hub partnership, positioning Modulr as a B2B embedded payments infrastructure layer at global scale.

Last 12 months
2026-01
2026-05
Product timeline
2015
Founded as a Payments-as-a-Service platform offering API-based access to UK payment rails as an alternative to commercial banking.· pivot
2020
Raised £18.9M Series growth round led by Highland Europe; received £10M from the Capability and Innovation Fund; began European expansion.· banking
2022
Raised $108M Series C led by General Atlantic to expand pan-European payments footprint and embed Open Banking and Account-to-Account payments.· banking
2022
Launched card issuing product (virtual and physical) on Mastercard and VISA networks.· card
2023
Listed on Xero App Store with native payroll and bill payment integration; expanded accounting software integrations to QuickBooks and Sage.· banking
2026
Entered US market through partnership with FIS to power the FIS Money Movement Hub cloud-native orchestration platform.· pivot
2026
Partnered with Alloy to integrate KYC/KYB decisioning into its Risk & Compliance Hub across international operations.· banking
Regulated entities
2
regulatory licences held by Modulr
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
In the press
embeddedfinancereview.com ↗
Coverage sourced from Embedded Finance Review — a content partner for this report. All articles are © their original authors; click any card to open the source.
◇ article2026-07-21
Embedded Payments: Unipaas takes childcare, plus Modulr, Visa and more
Stripe and Advent's $53bn PayPal bid, Unipaas's childcare run, and Modulr's European push, in this week's embedded payments edition.
modulr
Source · Embedded Finance Review ↗
◇ article2026-03-16
HiBob Partners with Modulr to Automate Payroll Payments
HiBob partners with Modulr to automate payroll payments for scaling businesses, removing manual exports and separate bank portals from the pay day workflow.
modulr
Source · Embedded Finance Review ↗
◇ article2026-01-12
Modulr Partners with FIS to Enter US Market
UK payments infrastructure provider Modulr expands into the US through a partnership with FIS, marking its first market outside Europe and adopting a different playbook.
modulr
Source · Embedded Finance Review ↗
◇ article2025-12-14
Modulr joins Conferma's network for travel and hotel payments
Modulr is now a connected issuer within Conferma's travel payment platform, enabling real-time virtual cards for TMCs and OTAs.
modulr
Source · Embedded Finance Review ↗
◇ article2024-11-22
Modulr acquires Nook and will launch an accounts payable solution
British BaaS provider Modulr acquires accounts payable solution Nook to launch batch payment features. Why banking-as-a-service providers need workflow layers.
modulr
Source · Embedded Finance Review ↗
◇ article2023-10-22
GoDaddy in Shopify's footsteps | Modulr restricts onboarding | HR meets fintech
GoDaddy is becoming a fintech, Block is acquiring one, fleet management provider Motive is launching a card, Xero simplifies supplier payments and more.
modulr
Source · Embedded Finance Review ↗
◇ article2023-10-21
Modulr agrees with regulator to stop onboarding new partners
UK BaaS provider Modulr stops onboarding new agents or distributors unless FCA approval is granted, while EU operations and direct customers remain unaffected.
modulr
Source · Embedded Finance Review ↗
The stack
6 layers disclosed in Modulr’s embedded-finance stack
Payments / PSP
Modulr (self-operated)
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Accounting
in the full report
Accounting gap: minor
9 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.