Modulr funding news – UK-based Modulr has Acquired Nook

It processes over 200 million transactions and more than £100 billion in payments each year. With this acquisition of Nook, Modulr aims to strengthen its services.

Modulr Handling

While Modulr handles the payment process itself, Nook specializes in managing the entire accounts payable cycle, including invoice receipt, approval, payment, and reconciliation with accounting software.

Myles Stephenson, CEO and founder, Modulr, said: “By combining Nook's AP automation platform with our embedded payments expertise, we’ll be able to provide our existing and prospective customers with even more products that save time and money for busy business owners and accounting professionals.”

Stephenson explained that Modulr considered building a similar product to Nook in-house, but it would have taken too long, around 18 months to two years. The four-person Nook team, founded in 2020, will now join Modulr.

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Stephenson also mentioned that Modulr may make more acquisitions if the right businesses are available. Earlier this year, it was revealed that Modulr had its temporary ban on onboarding new partners lifted, though they now need to give the FCA 10 days' notice when adding new customers. He expects this requirement to be removed in the future.

In 2022, Modulr raised £83 million, led by General Atlantic, with additional investments from Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.

About Modulr

Modulr helps thousands of businesses, from small to large, across the UK and Europe, to quickly pay, collect, and transfer funds using various payment methods, accounts, and cards.