Modulr brings fast-tracked fintech to Europe with expansion to the Netherlands
Modulr, the leading UK-based Payments-as-a-Service API platform for digital businesses, has opened offices in the Netherlands as the springboard for it’s EU-wide expansion in 2022 and 2023.
Following strong business growth in the UK over the past five years – and most recently being named the second fastest growing tech company in the UK – Modulr is expanding rapidly, putting significant investment into its EU operations and commercial teams.
Modulr is in the process of applying for an EMI licence from the Dutch Central Bank, De Nederlandsche Bank (DNB), while currently operating at a pan-European level by passporting its Irish EMI licence across the EU. Modulr is expanding its European team across a number of functions – including product, compliance and business development.
With a vibrant fintech scene, established professional services and a rich talent pool, Modulr chose Amsterdam as its commercial, operational and regulatory hub for accessing continental Europe. The move comes as Modulr looks to expand into other key European markets, including Spain, France and Germany.
Businesses across the continent are still forced to make do with inadequate and fragmented payment processes. Hampered by hidden inefficiencies, many are held back from offering their customers the instant and convenient experiences they demand. And while the ongoing financial digitisation projects of the European Central Bank and SEPA prove there is market appetite for fast, reliable and digital payments, businesses are still in need of a payments partner to scale their payments potential and make the most of the growing instant economy in Europe.
The true 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. To add to this proposition, Modulr packages up regulatory permissions with bespoke payments infrastructure to enable businesses to quickly and easily embed payments directly into their technology and brand. It’s fast-tracked fintech.
To spearhead its Dutch entity and European expansion, Modulr has appointed the former Head of International Development at WorldFirst, Marca Wosoba. The FinTech is building its local Dutch team and has already begun hiring key team members in key continental European markets and will invest heavily in the region and product localisation. The team at Modulr Netherlands brings its significant expertise of not just real-time payments infrastructure to SEPA Instant, but also card issuing services and Open Banking propositions.
Marca Wosoba, General Manager at Modulr Netherlands said, “We want to enable the global shift towards embedded payments delivered – not by banks – but by API as default. The Netherlands was our first choice to establish a presence in continental Europe and gives us a solid foothold to begin eliminating payment inefficiencies for the EU’s many businesses – making payments technology work better for them. Amsterdam provides us with the specialist talent, excellent local business services and an energetic FinTech scene to help us on our mission. When it comes to taking advantage of SEPA Instant and a digital instant economy, the real differentiation for European businesses will be how smoothly funds flow at either end of the rail – a proven real-time payments engine can seriously scale potential.”
Myles Stephenson, Founder and Chief Executive Officer at Modulr commented, “Across Europe, businesses and their customers are being let down by poor payments processes. Our mission is to remove all hidden payments inefficiencies and enable the next generation in global digital transformation – the shift towards embedded payments. Our expansion into the Netherlands and further into the continent next year will bring fast-tracked fintech to Europe – enabling EU businesses to leverage our licence and embed our payments capabilities directly into their propositions so they can grow and service customers with confidence.”
Hilde van der Meer, Commissioner of the Netherlands Foreign Investment Agency explained, “We welcome this great news from Modulr coming to Amsterdam. This step shows once again that the Netherlands is a frontrunner in fintech innovation and a great place to build and scale financial businesses; with a great access to an English-speaking talent pool and excellent international digital and transport connections. Our welcoming and growing fintech ecosystem helps companies like Modulr to serve consumers and businesses across the European continent and beyond.”
Modulr FS Europe Limited is authorised by the Central Bank of Ireland as an Electronic Money Institution. Backed by global industry leaders, including the venture arms of PayPal and FIS, it enables businesses to automate payment flows and embed payments into their platforms. It’s payments engine is built around the real-time payment scheme in the UK (Faster Payments), meaning the FinTech has built an API-based, flexible Payments-as-a-Service proposition that offers bespoke payments infrastructure to enable any innovation built on top of it
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