Modulr , the embedded payments platform, has announced its acquisition of Nook, an innovative disruptor in accounts payable (AP) automation. This strategic move aims to address inefficiencies, remove manual steps, and enhance the security of business payments.
Nook, founded in 2021, has built one of Europe’s most comprehensive AP products, earning Xero’s Emerging App of the Year award. Its platform simplifies AP workflows for businesses and accountants, offering full invoice lifecycle management from receipt to payment and reconciliation with accounting software. Advanced tools like Optical Character Recognition (OCR) enhanced with AI ensure precise line-item capture of each invoice, while customizable approval workflows and seamless accountant collaboration remove manual steps and save time.
Modulr’s CEO, Myles Stephenson, emphasized that the acquisition will enable new standards for business payments by combining Nook’s AP automation platform with Modulr’s embedded payments expertise. This will provide existing and prospective customers with more products that save time and money for busy business owners and accounting professionals.
Joe Lines, Co-Founder of Nook, highlighted the new chapter in their mission to reduce complexity for businesses by combining payment automation with their award-winning AP workflow platform. Following a short period of integration, Modulr AP, powered by Nook, will launch in the first quarter of 2025.
This acquisition deepens Modulr’s focus on developing comprehensive solutions that address the evolving needs of businesses, positioning them to offer even greater value to UK and European businesses.
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