Modulr, a UK and Ireland-based fintech startup has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr FS Europe Limited, (hereafter referred to as Modulr Europe).
The newly granted EMI licence will help Modulr Europe to offer an extensive suite of payments products, through its API to European Union markets.
About Modulr Europe
The company was founded in 2015 by Cyrus Wadia, Jakub Zmuda, Martin Threakall, Myles Stephenson, and Ritesh Tendulkar.
Modulr is the Payments-as-a-Service API platform for digital businesses that can integrate into any product or system. According to the company, its new type of payment accounts is built for businesses that need a faster, easier, and reliable way to move money.
Businesses can automate payment flows, embed payments into their platforms, and build new payment products and services themselves, as well as manage it in real-time, 24/7 from one API.
Authorised, regulated, and secure
The team at Modulr brings its expertise in real-time payments to SEPA Instant, the euro’s instant payments scheme. Its accounts have access to existing payments services including Bacs, CHAPS, Faster Payments, Visa, and Mastercard.
The potential of a digital API-led alternative to commercial payments will rely upon an agile and efficient ‘behind the scenes’ payments process, which has historically been inaccessible and unaffordable to SMEs and enterprises alike.
This information comes from soon to be published research commissioned by Modulr, which reveals contemporary insight not only into the hard cost of payment processes but the hidden impact on customer experience as well.
“We plan to build a truly digital, frictionless payments infrastructure for software platform partners to provide new payment experiences to more than 500 million people,” says Myles Stephenson, CEO of Modulr Europe.
Leading the new European push is John Irwin, now general manager of Modulr Europe in Dublin. Irwin says, “We look forward to automating payment flows, embedding payments within customers platforms, and enabling them to focus on their core business.”
Modulr has grown to process more than £40B (approx €44.29B) worth of payments for customers including Sage, Revolut, and Paxport through its platform which has an uptime of 99.999%. The company provides this scale, reliability, and premium service by investing in its own financial access and achieving principal and direct access to critical payments infrastructure where possible.
Earlier in May this year, Modulr had secured £18.9M (approx €20.9M) in growth capital led by Highland Europe, and existing investor Frog Capital, and partner Blenheim Chalcot. To further develop its platform and expand into new products and markets, this fintech company claims it was one of the few to raise cash during the lockdown.
Image credit: Modulr