Modulr Takes a Step Into Edinburgh Business Mobile Payments Scene

September 24, 2018         By: Steven Anderson

One of the brightest new lights in the mobile payments night sky is Scotland, specifically Edinburgh, which has drawn quite a bit of interest in the financial technology (fintech) sector. One firm interested in setting up shop in Edinburgh is none other than Modulr, whose fintech operations should fit nicely into Edinburgh’s changing culture, as well as bring better than 30 new jobs to the country by the dawning of 2019.

Modulr plans to take advantage of Edinburgh’s changing culture to serve as a growth bed for its customer support, software engineering, finance, and risk and compliance teams. With an extra 10.5 million pounds sterling added to its coffers with its most recent funding round–led by no less than Blenheim Chalcot, a major name in digital venture operations. Now armed with new support and a new office, Modulr will be working to provide an alternative to bank accounts specifically geared toward the business payment market.

Modulr also has a digital payments arm, which will land some new features as part of its expansion. Though for now, Modulr’s keeping quiet about what those are–but plans to announce more word by the end of the year–it’s worth noting that it will likely step up its real-time management and reconciliation options.

As for why Modulr chose Edinburgh, Modulr noted that Edinburgh already boasted a wide talent pool fitting for its work, as well as both industry and government support. The fact that it was already the second largest financial services market in the UK certainly didn’t hurt either.

“As a technology business, building high quality and scalable software engineering, risk and compliance, customer support and finance teams is critical to our current and future growth. Following our strong initial success, we identified the need to scale and we set about looking for a location with a strong talent pool and pipeline,” noted Myles Stephenson, Modulr’s CEO.

While some might be surprised that Edinburgh is increasingly a major point of fintech development, it’s been going quite well in recent years. Seeing it expand outward into a real industry of tomorrow should give it some help economically. While 30 jobs won’t make much difference either way in a city of 489,000–second most populated city in Scotland and seventh in the UK–every little bit helps. Modulr’s rapid expansion might well be underscored by Edinburgh’s own, and thus give potential press to the company accordingly.

The Edinburgh expansion has a great potential to deliver value to Modulr, and hopefully, its new jobs and plans for new features will help spur it on to greatness as well.