Observed Signal · Nov 19, 2024 · M&A - Completed · Source: Tech.eu · Impact: 2/5 · Sentiment: Neutral
Modulr acquires Nook in first acquisition
Modulr, a UK-based embedded payments platform backed by PayPal, has completed its first acquisition by buying London-based Nook, an accounts payable automation startup, in an undisclosed cash deal. The acquisition combines Modulr's payment execution with Nook's invoice lifecycle management. Modulr processes over 200 million transactions annually and serves clients like Sage and Ripple. CEO Myles Stephenson noted that the company considered building the capability in-house but chose acquisition due to time to market. Nook's four-person team will join Modulr, and further acquisitions are possible. Modulr raised £83 million in 2022 led by General Atlantic and is close to breaking even.
This acquisition is a modest fintech M&A that strengthens Modulr's embedded payments offering with AP automation; relevant to e-commerce and business tech infrastructure but not directly impacting the AdTech/MarTech ecosystem.
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Key Takeaways & Evidence Grounding
- Modulr acquired Nook in a cash deal for an undisclosed amount.
- Modulr processes over 200 million transactions annually.
- Nook specializes in accounts payable automation.
- Modulr is backed by PayPal Ventures and other investors.
- Modulr is close to breaking even.
Connected Companies & Entities
4 Entities mapped“provides payment services for the likes of Sage and Ripple....”
“provides payment services for the likes of Sage and Ripple....”
“Modulr last undertook a fundraise, around £83m, in 2022, led by General Atlantic....”
“Other investors in the round included Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures....”
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