Highland Europe leads £18.9m round for Modulr

The firm is currently investing from its Highland Europe Technology Growth III fund, which closed on €463m in June 2018.

Existing investors Frog Capital and Blenheim Chalcot also participated.

The fresh capital will go towards developing its product and service offering, with the introduction of card issuing and further European payment capabilities, and will enable the company to expand further into new markets.

Previous funding
Blenheim Chalcot led a round of an undisclosed amount of funding for Modulr in September 2018.

Frog Capital led a £14m funding round for Modulr in May 2019. The firm drew equity from its Frog European Growth I fund, which closed on €90m in May 2016. Blenheim Chalcot also took part in the round.

Company
Modulr was founded in 2015 and is headquartered in London with additional offices in Edinburgh and Dublin. The company develops software for payment processing for companies.

People
Highland Europe – Laurence Garrett (partner).
Frog Capital – Mike Reid (senior partner).
Modulr – Myles Stephenson (CEO).

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