Frog leads £14m round for Modulr

Existing investor Blenheim Chalcot also took part in the round.

The fresh capital will be used to accelerate Modulr's growth in the UK, invest in the launch of a new product, and begin its European expansion.

Frog is currently investing from Frog European Growth I, a €90m vehicle that closed in May 2016. The firm targets companies with at least €3m revenues and a growth rate of more than 40%.

Previous funding
Blenheim Chalcot led a £10.5m funding round for Modulr in September 2018.

Company
Modulr was founded in 2015 and is headquartered in London. The company develops software for payment processing and has been used by 80 institutions to process transactions worth £10bn since 2017. The company claims to be faster and cheaper than incumbents and has enlisted clients such as Revolut and Sage.

People
Frog Capital – Jens Düing (senior partner).

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