Modulr has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr Europe.

It now plans to provide services to customers across the European Union, following growth in the UK over the last four years.

A statement explained that the FinTech plans to bring experience of real-time payments to SEPA Instant, the euro’s instant payments scheme for software companies, merchants and specialist banks.

Chief executive Myles Stephenson commented: “The opportunity for a digital alternative to commercial and wholesale transaction banking is significant as software businesses across multiple industry sectors are identifying the need to deliver new functionality and efficiencies to their customers by embedding payments in customer journeys.

"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."

John Irwin, general manager of Modulr Europe, added: “We look forward to automating payment flows, embedding payments within customers platforms and enabling them to focus on their core business.

"This will shore up the hidden inefficiencies prevalent in many payment processes today making payments a competitive advantage.”

Modulr has moved over £40 billion for customers including Sage, Revolut and Paxport through its platform.

In May, the company secured £18.9 million in growth capital to further develop its platform and expand into new products and markets.

Share Story: