Payments FinTech Modulr gets electronic money license

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.”

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.