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53 jobs planned

Payments firm Modulr investing £20m in Scottish hub

Myles Stephenson Modulr

Myles Stephenson: ‘fantastic talent’

Business-to-business payment specialist Modulr is to invest some £20 million in the Scottish fintech industry, creating 53 jobs.

The company, which has a development hub in Fountainbridge, said the sum will “drive disruptive innovation and further boost Scotland’s growing prominence as a tech hub”.

It aims to “radically transform” SME banking and comes after Modulr was awarded £10m from the BCR Capability and Innovation Fund (CIF), designed to drive innovation and boost competition in UK business payments.

Modulr – which powers the likes of accounting software fir Sage and challenger bank Revolut – will match this sum.

The company, which will reveal more details about its plans at an event in Edinburgh next week, has also committed to hiring graduates from Scottish universities annually for the next five years.

This latest £20m funding comes on the back of £14m raised in February between new investor Frog Capital and existing investor Blenheim Chalcot. Modulr has raised £35m since its inception in 2016.

Edinburgh’s technology sector was recently ranked as second only to London in scale by a recent Tech Nation report, contributing nearly £4bn to the economy last year and employing almost 60,000 people, with the average tech sector salary reaching £42,500.

Modulr chief executive Myles Stephenson said: “Scotland is packed with fantastic technology talent, world-renowned universities and businesses, so we’re tremendously excited to be growing our presence in Edinburgh and investing to raise the profile of Scottish fintech.

“Our base here will be absolutely critical as we work to drive innovation and competition in our sector, and to make money flow more efficiently through the economy.”

Scottish finance secretary Derek Mackay welcomed the award of £10m, which he said is a key boost for Modulr and Scotland’s fintech industry. “This is further evidence of the strength and attractiveness of Scotland’s fintech sector and Edinburgh in particular, which now has over 100 fintech companies established.”

Mark Hallan, head of inward investment at Scottish Enterprise, said: “Modulr is a valuable member of Scotland’s fintech community and I welcome this further investment that will create more high-quality jobs. This will take the company to over 100 employees in Edinburgh and highlights Scotland’s attractiveness for investment in a very competitive sector.

“We supported the firm’s expansion to Edinburgh last year and it joins many companies investing here from across the UK and globally who can access a talented, experienced workforce.”

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