News Release

Modulr granted Dutch EMI licence in mission to enable next generation payments for European businesses

Modulr By Modulr on 25 January 2022   •   4 mins read
  • The licence enables Modulr to enable fast and reliable digital payment services for European businesses across accountancy, travel and financial services.
  • The licence will pave the way for additional localised payment capabilities across Europe starting in Spain and France.
  • The FinTech is further investing in local product and talent.

25 January, 2022: Amsterdam, the Netherlands. 

The payments platform for digital businesses, Modulr, is now licensed as an Electronic Money Institution by De Nederlandsche Bank (DNB), marking a major milestone for the platform’s local European ambitions. 

The FinTech, which doubled its lifetime payment value and volumes in 2021, will offer the full spectrum of payment services across the European Economic Area (EEA), 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 European Economic Area (EEA), bringing further localised payment capability and payment methods. In addition, the FinTech will offer localised services through further geographic expansion into target markets focusing on verticals where it already had considerable success: accountancy and payroll, travel and financial services.   

Businesses across Europe are still forced to accept inadequate and fragmented payment processes. With economic growth in the EU predicted at 4.3% in 2022 and 2.5% in 2023 according to the European Commission, businesses need digital alternatives to existing cumbersome and technology-poor traditional banking services to offer their customers the instant and convenient experiences they demand to make this economic growth a reality. Modulr specialises in fast and configurable payment functionality which can be embedded into any software, regardless of the business or proposition.  

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 localised products and services bespoke to its target verticals and European markets.  

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. Modulr is connected to the SEPA rails and will soon be live with SEPA Instant.  

The platform functionality will also include open banking capabilities (Payment Initiation and Account Information Services), physical and virtual card issuance, Direct Debit processing and wallets. Modulr packages up regulatory permissions with bespoke payments infrastructure to enable businesses to quickly and easily embed payments directly into their technology and brand. 

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

Myles Stephenson, CEO & Founder of Modulr, comments, “We’re incredibly excited to have been granted an EMI licence 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 comments “Congratulations to Modulr on being granted its Dutch EMI licence 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.”