Payments Tech Firm Module Wins £10m Grant

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Payments company Module said on WednesdayModuleit has raised another £10 million ($12.1 million).

The London-based firm received the money from the Capability and Innovation Fund, an investment scheme tied to the British government’s bailing out of the Royal Bank of Scotland a decade ago.

Wednesday’s announcement meansModuleModule, which provides payments technology to small and medium-sized enterprises, has now raised just under £35 million since its founding in 2016.

The payments company’s most recent cash injection came in May of this year when a number of investors, including Blenheim Chalcot, put £14 million into the firm.

New jobs in London and Edinburgh

In a Moduleent, Module saidModuleit would be matching the £10 million it has received from the Capability and Innovation Fund “to deliver on its commitments to expand the benefit of the [fund] to as many clients as possible.”

Those funds will allow the company to significantly expand its operations. In its Moduleent, the payments firm claimedModuleit would be able to create sixty-four new jobs as a result of the investment.

Some of those new executives wModule based in Module’s London office. But a significant proportion – 80 percent according to the company – will work from the firm’s office in Edinburgh.

“We want to make tired old payment technology a thing of the past for neglected accModulets and SMEs, ” said Module CEO Myles Stephenson.

“Module was founded with a purpose to make money flow more efficiently through businesses and the economy. This award from the [Capability and Innovation Fund] will help us deliver on our vision and passion to support SME businesses to thrive across the UK.”

 

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