Modular motor drives can be considered as multi‐agent systems, in which the agents can work together to reach a common goal. One agent in such a modular motor drive consists of only a subset of the machine phases and power electronic converter modules, and is equipped with a dedicated controller. When the dc‐links of the different agents are connected in series to a single voltage source, giving rise to a so‐called stacked polyphase bridges converter, the power electronic converter components can have low voltage ratings. However, a voltage balancing controller must ensure that the total dc‐link voltage is distributed evenly among the agents when working in motoring mode. The goal of this research is to propose a multi‐agent voltage balancing algorithm based on dynamic average consensus, which depends solely on local computations, local measurements, and neighbour‐to‐neighbour communication. The scalability and reliability of the modular hardware are hence extended towards the control. Simulations and experimental results on a 4 kW modular axial‐flux PMSM demonstrate the feasibility of the concept.