A business payments platform for digital businesses has completed an investment of £14m.

Modulr’s investment round has been led by new investors Frog Capital and existing investors including Blenheim Chalcot.

The capital takes the total amount raised by the scale-up to £24.5m.

It said that the capital will help increase the speed at which new payment types and functionality are added to its platform, accelerating growth into existing industry verticals as well as supporting entry into new industry verticals.

Last year the scale-up expanded into Edinburgh. The capital will support the continued growth of the teams located in London and Edinburgh, two of the UK & Europe’s leading FinTech hubs.

The recent establishment of an additional office in Dublin will be the focus for expansion into Europe.

“We’ve rapidly demonstrated the size of the market opportunity having processed more than £10bn of payments through the platform in our first two full years of operation,” said Myles Stephenson, Chief Executive of Modulr.

“The investment allows us to take the next step in pursuing our vision to become the world’s leading digital alternative for commercial & wholesale payments”.

Jens Düing, Senior Partner, Frog Capital, added: “Ever since the second Payment Services Directive (PSD2) we have monitored the markets across Europe for leading innovative scale-ups addressing this sizeable segment.

“Modulr stood out with the quality of its team, its product and the unrivalled traction the company has already managed to achieve.”