Modulr Picks the Netherlands as Part of its EU-wide Expansion Strategy
Modulr spearheads EU-wide expansion from Amsterdam
Leading Payments-as-a-Service API platform for digital businesses, Modulr has opened offices in the Netherlands as a springboard for its EU-wide expansion in 2022 and 2023. UK-based Modulr offers businesses across Europe a digital API-led alternative to wholesale banking and will run its pan-European operations from its base in Amsterdam.
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.
Looking at how businesses and their customers are looking to optimize payments processes, Myles Stephenson, Founder and Chief Executive Officer at Modulr, said, “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.”
Amsterdam as commercial, operational and regulatory hub
With a vibrant fintech scene, established professional services and a rich talent pool, Modulr chose Amsterdam as its commercial, operational and regulatory hub to access continental Europe. The move comes as Modulr looks to expand into other key European markets, including Spain, France and Germany.
To spearhead its Dutch entity and European expansion, Modulr has appointed the former Head of International Development at WorldFirst, Marca Wosoba, as General Manager at Modulr Netherlands. The Fintech is building its local Dutch team and has already begun hiring key team members in continental European markets and will invest heavily in the region and product localization. The team at Modulr Netherlands brings significant expertise in not just real-time payments infrastructure to SEPA Instant, but also card issuing services and Open Banking propositions.
Modulr brings fast-tracked fintech to Europe with expansion to the Netherlands
Marca commented on the choice for the Netherlands, “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.”
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 great access to an English-speaking talent pool and excellent international connections in both our digital and transport infrastructure. Our welcoming and growing fintech ecosystem helps companies like Modulr to serve consumers and businesses across the European continent and beyond.”
Source: Modulr22 September 2021