UK fintech company Modulr

Modulr is expanding its market presence

Modulr has agreed to acquire UK-based fintech company Nook. The latter specialises in payment solutions for lenders. There has been no disclosure of the deal amount. However, it is understood that part of the payment will be in cash. This purchase should be the starting point for further Modulr deals with companies in this sector.
UK-based fintech company Modulr provides business-focused solutions. Its product is an embedded payment platform for automating financial transactions. The startup’s development has the support of a strong partner, PayPal.
The company has obtained an EMI licence, which means it can provide payment services to companies such as Sage and Ripple. Modulr has gained credibility in the market, as evidenced by the dynamic growth of its customer base. It provides services to small fintech companies as well as large corporates. Around 200 million transactions worth more than £100 billion pass through the platform each year. The benefits of using a solution from Modulr:
– eliminating the companies’ need to build their payment solution;
– automating financial tasks;
– simplifying payment network management;
– improving payment regulation and increasing operational efficiency.
Modulr is committed to expanding the capabilities of its platform to make it useful to more customers. The acquisition of Nook is a step in this direction.

Modulr

Deal benefits for the sector

The Modulr’s business is focused on payments in financial transactions. Nook specialises in simplifying the invoice process: receiving, processing, approving, paying and auditing invoices. The company also manages the entire invoice lifecycle.
Modulr’s Miles Stevenson believes that combining the companies’ expertise will enhance the provision of payment services. The decision to acquire Nook was dictated by the need to move quickly. Modulr had originally planned to develop a similar solution internally, but the process would have taken 18 months to two years. With the acquisition of Nook, it is now possible to offer customers an off-the-shelf product that perfectly complements the capabilities of the existing platform. It also strengthens Modulr’s position in the market. It opens up new horizons for expanding its customer base and improving its financial technology service offering.
Stevenson does not rule out the possibility of Modulr making further acquisitions following the acquisition of the UK fintech. In addition, the FCA has lifted a ban on a number of new customers who have applied to the company’s partners. This also helps the business scale.