Fintech Scale-up Modulr Granted EMI License in the Netherlands
Dutch EMI license enables Modulr’s mission to offer next generation payments for European businesses
Modulr, a payments platform for digital businesses, is now licensed as an Electronic Money Institution (EMI) by De Nederlandsche Bank (DNB). British Fintech Modulr announced in September last year they were expanding to the Netherlands and the EMI license from the DNB marks a milestone for the platform’s European ambitions. The company, which doubled its lifetime payment value and volumes in 2021, will offer the full spectrum of payment services across the European Economic Area, 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 EU, bringing further localized payment capability and payment methods. In addition, the FinTech will offer localized services through further geographic expansion into target markets focusing on verticals where it already had considerable success: accountancy and payroll, travel and financial services.
Helping EU business collect and disburse money through API
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. The platform functionality will also include open banking capabilities, physical and virtual card issuance, Direct Debit processing and wallets.
With economic growth in the EU predicted at 4.3% in 2022 and 2.5% in 2023 according to the European Commission, Modulr aims to tap into businesses’ need for digital alternatives to existing traditional banking services to offer their customers the instant experiences they demand to make this economic growth a reality. Modulr specializes in fast and configurable payment functionality which can be embedded into any software, regardless of the business or proposition.
Marca Wosoba, General Manager of Modulr Netherlands, comments, “This is a huge milestone in making global embedded payments delivered – not by banks but – by API as default a reality. With our Dutch license we can give European businesses a real competitive advantage with smooth payment flows at either end of the rail and a proven real-time payments engine that can significantly scale. We’re looking forward to welcoming talented individuals as we grow our Dutch and broader European teams throughout 2022.”
Investing in local European capabilities and talent
Modulr has been investing in its local European capabilities which includes attracting world class talent in Ireland, the Netherlands, Spain and beyond to expand its compliance, product and business development teams. Modulr is also making significant investments in providing localized products and services bespoke to European markets.
Myles Stephenson, CEO & Founder of Modulr, comments, “We’re incredibly excited to have been granted an EMI license by the DNB to operate in the Netherlands and across Europe as well as offering the platform’s full spectrum of payment services. With a vibrant fintech scene, established professional services and a rich international talent pool, we chose Amsterdam as our commercial, operational and regulatory hub for accessing Europe. Modulr is committed to providing digital businesses across Europe with the payment services they need to expand their business. The true potential for 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 to SMEs and enterprises alike.”
Hilde van der Meer, Commissioner Netherlands Foreign Investment Agency adds to that “Congratulations to Modulr on being granted its Dutch EMI license from the De Nederlandsche Bank (DNB). The choice to locate in our country speaks to the trust Modulr puts in the opportunities of the Dutch fintech ecosystem, and the prospects it offers to grow their business in the Netherlands and Europe.”
Source: Modulr
27 January 2022