Modulr granted Dutch EMI licence

The fintech, which doubled its lifetime payment value and volumes in 2021, will offer the full spectrum of payment services across the European Economic Area (EEA), reportedly bringing fast, reliable, and embeddable payment solutions to European businesses, to enable them to overcome inefficiencies and friction in existing payment processes as well as building payment products and experiences into their technology platforms.

Modulr is building on the existing services and capability it already offers clients across the European Economic Area (EEA), bringing further localised payment capability and payment methods. In addition, the fintech will offer localised services through further geographic expansion into target markets focusing on verticals where it already had success: accountancy and payroll, travel, and financial services.   

Businesses across Europe are still forced to accept inadequate and fragmented payment processes. With economic growth in the EU predicted at 4.3% in 2022 and 2.5% in 2023 according to the European Commission, businesses need digital alternatives to existing traditional banking services to offer their customers the instant and convenient experiences they demand to make this economic growth a reality. Modulr specialises in fast and configurable payment functionality which can be embedded into any software, regardless of the business or proposition, according to the official press release.  

Modulr has been investing in its local European capabilities which includes attracting talent in Ireland, the Netherlands, Spain, and beyond to expand its compliance, product, and business development teams. Modulr is also making investments in providing localised products and services bespoke to its target verticals and European markets.  

With the Modulr platform, European businesses can collect and disburse money, and issue instant digital (EMI) accounts in whatever way suits their proposition, all embedded directly within their tech stack and instructed via APIs. Modulr is connected to the SEPA rails and will soon be live with SEPA Instant. The platform functionality will also include Open Banking capabilities (Payment Initiation and Account Information Services), physical and virtual card issuance, Direct Debit processing, and wallets. Modulr packages up regulatory permissions with bespoke payments infrastructure to enable businesses to embed payments directly into their technology and brand, the press release concludes.