Estonian fintech startup Modularbank raises $4.8 million

Tallinn-based Modularbank, a fintech company,  has raised $4.8 million in late seed funding round. The round was led by Karma Ventures and BlackFin Capital Partners, with participation from Plug and Play Ventures, Siena Capital, and angel investor Ott Kaukver, who is the ex-CTO of Twilio and Skype, Tech.EU writes.

Founded in 2019 by CEO Vilve Vene and Chief Business Officer Rivo Uibo, Modularbank is a cloud-native banking platform built with an API-first approach and designed to offer next-generation banking experiences for both retail and business banking. It allows any business to rapidly offer seamless, tailored financial services to its customers. 

The raised money will be used to set up commercial operations in the UK and to hire more engineers and product experts across Europe as it gears up for a wider global expansion. To date, the company has 35 staff across Europe and aims to increase headcount to 100 by the end of 2021.