Payments platform Modulr has received its electronic money license from the Dutch central bank, De Nederlandsche Bank (DNB).

The FinTech, which offers a Payments-as-a-Service solution, said it will build on the existing services and capabilities it offers clients in the European Economic Area (EEA).

Modulr said it will geographically expand into target markets such as accountancy and payroll, travel, and financial services.

The FinTech also said it will also look to hire talent in Ireland, the Netherlands, Spain and expand its compliance, product, and business development teams.

In addition, Modulr said its platform is connected to the SEPA European banking rails and that it is set to include Open Banking capabilities, physical and virtual card issuance, direct debit processing, and digital wallets.

“This is a huge milestone in making global embedded payments delivered - not by banks but - by API as default a reality,” said Marca Wosoba, general manager at Modulr Netherlands. “With our Dutch licence 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.”

She added: “We’re looking forward to welcoming talented individuals as we grow our Dutch and broader European teams throughout 2022.”

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