In the four years since its founding, Modulr has established itself as the leading digital payments alternative in the wholesale and transaction payments market, which moves $120 trillion each year, and is five times larger than the consumer market. Modulr is specifically targeting the $2.7 trillion incurred through administrative costs – 80% of which is paid by small businesses. These high costs are incurred by businesses who rely on old and clunky incumbent banking infrastructure; where processes are still largely manual, cumbersome and inefficient, leaving businesses short changed and frustrated. Modulr’s digital payments infrastructure changes this, by automating business payment flows, embedding payments into platforms and enabling businesses to build new payment products and services themselves. This allows businesses to scale quickly and efficiently, all supported by Modulr’s powerful payments platform.
This level of reliability and access to real-time information and payments is even more critical as businesses face an increasing amount of pressure to manage cash flow during the COVID-19 outbreak. Myles Stephenson, founder and CEO at Modulr says: “In the past year, we’ve experienced strong growth, we’ve gained direct access to key payments infrastructure and have positioned ourselves as a trusted payments partner for some of the most ambitious companies in the UK and beyond.”