Modulr Adds Accounts Payable Automation Functionality With Nook Acquisition
Embedded payments platform Modulr acquired accounts payable (AP) automation provider Nook.
Modulr will bring Nook’s functionality to the thousands of accountants and businesses that use Modulr’s payment products and will offer Modulr’s payments capability to Nook’s customers, the companies said in a Tuesday (Nov. 19) press release.
“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,” Modulr CEO and founder Myles Stephenson said in the release.
Nook’s platform offers full invoice lifecycle management, including receipt, approval, payment and reconciliation with accounting software, according to the release. It includes optical character recognition enhanced with artificial intelligence, as well as customizable approval workflows.
Following the integration of the solutions, Modulr AP, powered by Nook, will launch in the first quarter of 2025, per the release.
The integration will make for an even more robust solution and will help the companies’ customers grow, Nook co-founder Joe Lines said in the release.
“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,” Lines said.
Full automation of AP and accounts receivable (AR) processes allows organizations to cut labor costs, reduce the occurrence of errors, and gain improved data availability and insights, according to the PYMNTS Intelligence report “Accounts Payable and Receivable Trends: What’s Next in Automation.”
The report found that 70% of mid-sized firms that embraced full AP automation and 40% of those that employed partial automation said they had seen positive outcomes.
Modulr raised $108 million in a Series C funding round in May 2022, saying it planned to use the money to expand its geographic footprint, extend its client and partner coverage, and become what Stephenson called a “pan-European payments champion.”
The company’s technology lets businesses build payments into their platforms without needing to build and manage their own payment systems and allows them to access payment infrastructures.
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