53 jobs planned
Payments firm Modulr investing £20m in Scottish hub
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.