Modulr buys AP automation platform Nook, plans to launch Modulr AP solution in early 2025
Modulr has acquired payments and accounts payable (AP) platform Nook for an undisclosed sum, with plans to introduce its own AP automation tool in “the first quarter of 2025”.
Modulr acquires Nook for undisclosed sum
The embedded payments platform, based in the UK, will utilise its latest purchase to launch Modulr AP, powered by Nook, described on its website as an “end-to-end solution for invoice management and AP automation”.
Designed to sit alongside Modulr’s existing payment products, the solution will equip businesses and accountants with customisable approval workflows, global payment capabilities and integrations with various accounting systems.
Nook provides a comprehensive suite of AP products, including AI-enhanced optical character recognition for line-item capture and Confirmation of Payee (CoP) for account validation.
Founded by Henry Arnold and CEO Joe Lines, Nook launched in 2021 following a $1.1 million pre-seed funding round led by Speedinvest and TriplePoint and supported by Ascension, Notion and a cohort of angel investors.
Speaking on the acquisition, Myles Stephenson, chief executive and founder of Modulr, comments: “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.”
“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,” Stephenson adds.
