Digital payments fintech Modulr says it is to create 53 highly skilled jobs in Edinburgh as part of a £20 million investment to stimulate innovation.
The firm, whose technology is used by challenger bank Revolut, software giant Sage and travel tech firm Paxport, says it will use the cash to develop innovative financial products and solutions. It also committed to hiring graduates from Scottish universities every year for the next five years.
It has matched its recent £10 million funding from the BCR Capability and Innovation Fund set up to stimulate competition in the banking sector and part-funded by state-owned RBS. Modulr already has a development hub in Edinburgh and aims to nurture talent by hosting events in Glasgow and Edinburgh to teach SMEs how to make the most of its payment software.
Myles Stephenson, CEO of Modulr, 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.”
Modulr was launched in 2016 as a payment as a service API platform to help digital businesses move money more quickly. In February, it raised £14 million from new investors Frog Capital and existing investors Blenheim Chalcot, taking its total funding to £35 million.
Derek Mackay, Cabinet Secretary for Finance, Economy and Fair Work, said: “I welcome the announcement of this award of £10 million which is both great news for Modulr and great news for Scotland’s fintech sector.
“This award will enable Modulr to create more than 50 additional jobs at its Edinburgh operation by accessing the pool of highly-skilled people available in the surrounding area. 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, added: “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 alongside a network of fintech companies.”