London, 19th November: Modulr, the embedded payments platform, today announces its acquisition of Nook, an innovative disruptor in accounts payable (AP) automation. Both companies share a mission to address inefficiencies, remove manual steps and enhance the security of business payments These are significant concerns, as highlighted by Modulr’s survey of 250 accounting practices which revealed that nearly half (45%) of respondents spend over three hours per week on manual data entry.
Today’s businesses often have no choice but to use multiple platforms to manage their financial operations, from paying supplier invoices to processing payroll, managing treasury, and accessing finance. For instance, 60% of large companies use at least five separate systems just for accounts payable.
Modulr is bringing Nook’s comprehensive functionality to its established network of thousands of accountants and businesses already using its innovative and award-winning payment products. Security and efficiency remain central to both platforms, with features such as Confirmation of Payee (CoP) to validate account details in real-time, helping prevent fraud across payment processes.
Founded in 2021, Nook has built one of Europe’s most comprehensive AP products, earning Xero’s Emerging App of the Year award. Nook’s platform simplifies AP workflows for businesses and accountants, offering full invoice lifecycle management from receipt, through approval to payment and reconciliation with accounting software. Advanced tools such as Optical Character Recognition (OCR) enhanced with AI ensures precise line-item capture of each invoice, while customisable approval workflows and seamless accountant collaboration remove manual steps and save time.
Myles Stephenson, Chief Executive and Founder of Modulr, says, “Access to payment services for businesses is fundamentally broken. 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.”
Joe Lines, Co-Founder, Nook says “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."
The acquisition deepens Modulr's focus on developing comprehensive solutions that address the evolving needs of businesses. Following a short period of integration Modulr AP, powered by Nook, will launch in the first quarter of 2025.
"Looking ahead, we see tremendous opportunity to further expand our capabilities and deliver even greater value to UK and European businesses,” continues 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."
END
At Modulr, our vision is a world where all businesses are powered by embedded payments.
Modulr enables thousands of businesses, from SMEs to enterprise, across the UK and Europe to efficiently pay-in, collect and disburse funds instantly via a range of payment methods, accounts, and card products.
We’ve created an industry-leading platform with comprehensive online tools and API access, to meet the demands of daily business payments. We are connected to an expanding network of accounting and payroll platforms, including Sage, Xero, BrightPay and IRIS. Our payments expertise and extensive product capability also enables us to build tailored solutions to solve complex payment problems for hundreds of clients in a range of industries, including Travel, Merchant Payments, Lending, Wage Advance and Investment & Wealth.
We are deeply integrated into the payment eco-system. In the UK, we are direct participants of Faster Payments and Bacs, and hold settlement accounts at the Bank of England. Our payment network connectivity includes CHAPS, Open Banking, SEPA, SWIFT and account issuance in a range of currencies. We are principal issuing members of Visa and Mastercard across the UK and Europe.
Our regulatory permissions and governance structure underpin our business. We are regulated as an Authorised Electronic Money Institution (AEMI) in the UK by the Financial Conduct Authority and in the Netherlands by De Nederlandsche Bank.