Estonian fintech startup Modularbank nabs €4 million to expand operations in the UK and Europe
Summary
Modularbank, the next-generation core banking platform today announced its €4 million round of late seed funding led by Karma Ventures and BlackFin Capital Partners, with additional support from Plug and Play Ventures, Siena Capital and angel investor Ott Kaukver (ex-CTO of Twilio and Skype). The backing from this powerful combination of investors paves the way for UK, European and wider global expansion, and will enable the company to bolster its engineering and commercial teams, and further invest in its technology platform. In particular Modularbank will be looking to make further hires to its product and commercial teams, to accompany those who have recently joined the company from the likes of PayPal, Mambu and ICBC. Commenting on the funding round, Modularbank CEO Vilve Vene said: “Increasingly, people are demanding more flexible and convenient services that fit around the way they work and live and in response, there is a wave of digitalisation and embedded finance on the horizon, beginning to build. Modularbank Chief Business Officer, Rivo Uibo, added: “We are proud to receive the backing of highly-regarded investors such as Karma, BlackFin and Plug and Play and consider the combination of the whole group to be extraordinarily powerful; Karma reinforcing our position as a promising European tech start-up, BlackFin providing hugely important endorsement from the financial industry and Plug and Play enabling us to tap into the ecosystem of innovation and providing a valuable connection to the US.