News Release

Soar supports responsible lenders with real-time payments, powered by Modulr

Modulr By Modulr on 18 June 2020   •   4 mins read
<span id="hs_cos_wrapper_name" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="text" >Soar supports responsible lenders with real-time payments, powered by Modulr</span>
  • Powered by Modulr, Soar will make use of the 24/7 payments infrastructure for its digital banking technology.
  • This will help Soar build digital banking solutions for responsible financial services institutions like credit unions and CDFIs.
  • It is hoped the partnership will act as a springboard for future innovation in the space.

Modulr, the payments as a service API platform and Soar, the Scottish FinTech dedicated to making a difference to the lives of consumers and businesses across the UK, have announced a partnership to deliver real-time payments to support responsible lenders.

Soar works with responsible financial institutions such as credit unions and Community Development Financial Institutions (CDFIs), providing them with a comprehensive suite of mobile and digital banking technology. Through its innovative banking solutions, Soar aims to tackle the societal problem of high-cost lending. Many of the organisations Soar works with are community-based and not-for-profit, offering fairer interest rates on borrowing than most payday lenders or banks.

The payment side of Soar’s banking technology is crucial as many lending institutions struggle with costly, time-consuming and outdated payment processes. When payments are not processed in real-time, this prevents employees from having a realistic view of their ledgers. To help lenders overcome these challenges, Soar set out to find a reliable payments technology partner - one that could help them build out the payments side of their solution and launch new services quickly. Modulr was a perfect fit.

Looking to the future, Soar is hoping to expand its offering for lenders even further – using Modulr’s technology to offer current accounts and eventually provide a full agency banking experience.

Andrew Duncan, CEO at Soar, says: “Our partnership with Modulr is going to make a huge difference to the responsible lending organisations we work with. It’s going to enhance the payments side of our product, bringing us much closer to providing a complete solution to our customers. With Modulr’s support, we’ll be able to drum up further interest in the market and grow our business.”

“We’re hoping to expand our reach, enter new markets and soon be serving millions of consumers in the UK. We have an exciting roadmap planned and we’re looking forward to achieving some great milestones this year and beyond. Modulr will be key to helping us realise our vision.”

Myles Stephenson, CEO of Modulr, says: “We’re proud to be supporting a fellow Scottish FinTech like Soar, as they strive to provide responsible lenders with access to innovative technology. Their vision is to help these organisations get funds quickly to those who need it most. With our reliable payments infrastructure powering their banking technology, we’re excited to help them realise this goal.”

About Modulr 

Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API. 

Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN: 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority.

For further information – please go to www.modulrfinance.com 

About Soar

Over 3 million people in the UK rely on payday lenders and loan sharks to make ends meet. Soar is here to play a part in ending this struggle for the most vulnerable in society. We are cracking down on irresponsible lending with our banking platform that includes a white-labelled mobile banking app, web app and a platform hub for affordable credit providers such as Credit Unions and Community Development Financial Institutions (CDFI).

Rather than playing catch-up with other parts of the financial services sector, our technology helps these organisations to leap ahead whilst continuing to have a positive impact on their communities. Soar also allows these providers to be attractive challengers in the financial services market by offering them loan origination and transactional banking services that will allow their consumers easier access to affordable credit when they need it the most.

For more information - please go to www.soar.tech

For Press Enquiries  

David Beach | Head of Comms | david.beach@modulrfinance.com  

Jack Ferris | Octopus Group | modulr@octopusgrp.com