Fintech Modulr Approved for EMI License

Modulr, a payments Fintech based in Amsterdam, has been approved to operate as an Electronic Money Institution (EMI) by De Nederlandsche Bank (DNB).  Modulr is already approved to operate as an EMI in the UK and Ireland.

Modulr states that it doubled its lifetime payment value and volumes in 2021 and will offer the full spectrum of payment services across the European Economic Area (EEA). The company said it is building on the existing services and capability it already offers clients across EEA, bringing further localized payment capability and payment methods. Modulr specializes in configurable payment functionality which can be embedded into any software, regardless of the business or proposition.

Modulr stated that it has been investing in its local European capabilities while making significant investments in providing localized products and services bespoke to its target verticals and European markets.

Platform functionality will also include open banking capabilities, physical and virtual card issuance, Direct Debit processing, and wallets.

Marca Wosoba, General Manager of Modulr Netherlands, commented:

“This is a huge milestone in making global embedded payments delivered – not by banks but – by API as default a reality. With our Dutch license 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, said they are incredibly excited to have been granted an EMI license by the DNB. He added that they chose Amsterdam as their 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 congratulated Modulr on being granted its Dutch EMI license:

“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.”

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