Modulr buys Nook automation firm

Modulr, an embedded payments platform, has acquired Nook, a company that automates accounts payable processes. The two companies share a goal of making business payments more efficient and secure. A survey by Modulr found that nearly half of accounting practices spend over three hours per week on manual data entry.

Many businesses use multiple platforms to manage their financial operations, including paying supplier invoices and processing payroll. For example, 60% of large companies use at least five separate systems for accounts payable.

Streamlining Financial Operations

Modulr plans to integrate Nook’s functionality into its existing network of accountants and businesses. The company aims to provide a more streamlined and secure payment process, with features like Confirmation of Payee to validate account details in real-time.

Nook was founded in 2021 and has built a full accounts payable product, earning Xero’s Emerging App of the Year award. The platform simplifies accounts payable workflows for businesses and accountants, offering full invoice lifecycle management.

Benefits of the Acquisition

The acquisition will allow Modulr to provide its customers with more products that save time and money. Myles Stephenson, Chief Executive and Founder of Modulr, said that the acquisition accelerates the company’s vision of enabling new standards for business payments.

Joe Lines, Co-Founder of Nook, said that the company is embarking on a new chapter in its mission to reduce complexity for businesses by combining payment automation with its award-winning accounts payable workflow platform.

The acquisition deepens Modulr’s focus on developing full 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.

Myles Stephenson continues, “Looking ahead, we see tremendous opportunity to further expand our capabilities and deliver even greater value to UK and European businesses,” “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.”