Modulr Acquires Nook to Transform Accounts Payable Automation and Business Payments

Strategic acquisition combines Nook’s award-winning AP automation with Modulr’s embedded payments expertise to streamline operations for UK and European businesses.
Modulr, a leading embedded payments platform, has announced the acquisition of Nook, a disruptive innovator in accounts payable (AP) automation. This strategic move combines both companies’ expertise to address inefficiencies in business payments, eliminate manual processes, and enhance security for businesses and accountants.
The need for streamlined solutions is highlighted by Modulr’s recent survey of 250 accounting practices, which found that 45% of respondents spend over three hours weekly on manual data entry. This acquisition is set to alleviate such inefficiencies by integrating Nook’s advanced AP platform with Modulr’s robust payments ecosystem.
A Unified Solution for Business Financial Operations
Modern businesses often rely on multiple platforms to handle financial tasks such as supplier payments, payroll processing, treasury management, and accessing finance. For large companies, this complexity can mean managing up to five separate systems for accounts payable alone.
With Nook’s comprehensive AP functionality, Modulr aims to simplify this fragmented landscape. Nook’s platform, recognized as Xero’s Emerging App of the Year in 2021, streamlines the entire invoice lifecycle—from receipt and approval to payment and reconciliation. Advanced tools like AI-powered Optical Character Recognition (OCR) ensure precise invoice data capture, while customisable workflows and collaboration tools eliminate manual tasks and boost efficiency.
A Shared Vision for Smarter Business Payments
Myles Stephenson, Chief Executive and Founder of Modulr, commented:
“Access to payment services for businesses is fundamentally broken. Modulr was created to redefine business payments, and this acquisition is a major step toward that goal. By integrating Nook’s AP automation expertise with our embedded payments platform, we’re delivering a powerful suite of solutions that save time and money for business owners and accounting professionals.”
Joe Lines, Co-Founder of Nook, added:
“Joining forces with Modulr marks an exciting new chapter. Together, we’ll reduce complexity for businesses by combining Nook’s award-winning AP workflows with Modulr’s market-leading payment capabilities, creating a seamless, efficient solution for our customers.”
Enhanced Offerings Launching in 2025
The integration of Nook into Modulr’s ecosystem is set to be completed by early 2025, with the launch of Modulr AP, powered by Nook, scheduled for Q1. This enhanced platform will bring benefits such as real-time account validation through Confirmation of Payee (CoP), fraud prevention tools, and the ability to manage AP workflows and payments seamlessly in one place.
Looking Ahead
Stephenson concluded:
“This acquisition deepens our commitment to delivering comprehensive, innovative solutions tailored to the needs of businesses in the UK and Europe. By strengthening our capabilities in invoice management and AP automation, we’re not only adding value for existing customers but also opening new opportunities to support the growth of businesses across the region.”
With this acquisition, Modulr positions itself as a leader in transforming business payments, further solidifying its mission to empower businesses with secure, efficient, and automated solutions.