Using the funds, Modulr has opened a new office in Edinburgh and will grow its software engineering, customer support, risk and compliance, and finance teams.

It will form a new software development team at the office to enhance its bank-alternative business payments platform.

Modulr is set to create over 30 new jobs in Scotland by the end of the year.

It has processed £4.2bn in business payments since its launch in January 2016, with transaction volumes rising on average by 11% month-on-month.

Myles Stephenson, CEO at Modulr (pictured above, fourth from right), said: “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.”

Rob Devey, chair at Modulr and advisory partner at Blenheim Chalcot, added: "Modulr solves a real pain point – replacing outdated, slow and unreliable manual payment processes with an efficient and manageable payments platform. 

“This is an important step on [its] growth journey and evidence of the growing demand for [its] solutions.

“Blenheim Chalcot is delighted to be supporting Modulr as the team expands to Edinburgh.”