Modulr , a London-based fintech company that provides Payments as a Service API for digital businesses has acquired Nook to enhance AP automation solutions, aiming to revolutionise business payments with efficient, secure, and integrated solutions.
London-based embedded payments leader Modulr has announced its acquisition of Nook, a disruptive innovator in accounts payable [AP] automation. United by a mission to simplify business payments, Modulr and Nook aim to eliminate inefficiencies, reduce manual processes, and enhance security across financial operations.
“Access to payment services for businesses is fundamentally broken,” said Myles Stephenson, Chief Executive and Founder of Modulr. “Modulr was created to enable new standards for business payments, and this acquisition accelerates us closer to that vision. By combining Nook’s AP automation platform with our embedded payments expertise, we’ll be able to provide our existing and prospective customers with even more products that save time and money for busy business owners and accounting professionals.”
The integration will see the launch of Modulr AP, powered by Nook, in the first quarter of 2025, bringing an end-to-end AP solution to Modulr’s extensive network of accountants and businesses.
Tackling workflow inefficiencies with AP automation solutions
For many businesses, managing finances often requires navigating a maze of disconnected systems. From supplier payments to payroll, firms routinely use multiple platforms, leading to inefficiencies and a higher risk of errors. Modulr’s survey of 250 accounting practices revealed that nearly 45% of professionals spend over three hours weekly on manual data entry. Furthermore, 60% of large organisations rely on five or more systems just to manage accounts payable.
Nook’s award-winning AP automation solutions offers a solution to these challenges. Founded in 2021, Nook has rapidly established itself as a leader in AP innovation, earning Xero’s Emerging App of the Year award. The platform simplifies the entire invoice lifecycle -from receipt to reconciliation – and incorporates cutting-edge AI-enhanced Optical Character Recognition (OCR) technology for precise line-item capture. Features like customisable approval workflows and seamless accountant collaboration eliminate repetitive tasks, saving time and reducing errors.
Joe Lines, Co-Founder of Nook, shared his excitement about the partnership, “We are embarking on a new chapter in our mission, now part of the Modulr team, to reduce complexity for businesses by combining payment automation with our award-winning AP workflow platform. Together, we’re equipped to offer an even more robust solution to help our customers grow with ease.”
Bridging AP and automation
The acquisition strengthens Modulr’s position as a leader in embedded payments and expands its capabilities to offer a fully integrated AP solution. Modulr’s payment expertise, combined with Nook’s AP automation solutions platform, includes advanced features like real-time Confirmation of Payee (CoP) to prevent fraud and ensure payment security.
“Looking ahead, we see tremendous opportunity to further expand our capabilities and deliver even greater value to UK and European businesses,” continued Stephenson. “This strategic move strengthens our offerings in invoice management and accounts payable automation, while giving Nook’s customers full access to Modulr’s extensive payments capability.”
Building the future of business payments
With over 200M transactions and £100B in annualised payment value already processed on its platform, Modulr is well-placed to redefine business payments. Deeply integrated into the payments ecosystem, Modulr is a direct participant in Faster Payments and Bacs and offers access to global networks like CHAPS, SEPA, and SWIFT. Its regulatory status as an Authorised Electronic Money Institution ensures robust compliance across the UK and Europe.
By acquiring Nook, Modulr not only enhances its AP automation offering but also accelerates its vision of a world powered by seamless, embedded payments. With Modulr AP set to launch in early 2025, businesses can look forward to a future of faster, safer, and more efficient financial operations.
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