UK Fintech Modulr has reportedly expanded its embedded payments product offerings to France and Spain.
With this recent expansion move as well as a layer of localization, French and Spanish companies are able to leverage Modulr’s embedded payments solutions to enhance their market competitiveness within their respective nations and also across the UK and the European Economic Area (EEA).
Modulr Chief Executive and Founder Myles Stephenson stated:
“Our ambition is to bring the benefit of embedded payments to all businesses and solve the current problem of broken business payments. Our customers benefit from creating new revenue opportunities, substantially improving process cost and efficiency, and transformed end-customer experiences. Ultimately, this creates huge opportunities for economic growth across the continent and enables businesses to provide enhanced customer experiences, all thanks to the progressive regulatory environment fostered by the European Union and the UK.”
It’s worth noting that embedded finance solutions are now increasingly focused on providing more engaging ways for consumers to access their preferred brands/services.
Many firms that provide embedded finance services claim that it boosts overall engagement, and also helped them onboard new clients.
The Modulr product offering enables software-powered firms to work with a common set of APIs in order to embed payment and account functionality and transfer funds across the UK and EEA.
The service allows for business payments to operate 24/7 in real time, relatively high-volume incoming payments to be easily reconciled and payments to be completed in real time.
As reported by Fintech Finance, this development comes around a year following Modulr’s $108M Series C investment round.
The Fintech firm stated that it intends to utilize the proceeds to further expand its presence across multiple jurisdictions, also extend its customer and business partner coverage, and become a key pan-European payments provider.
As covered earlier this year, Plutus works with various third parties including a banking partner.
Their banking partner “provides and manages your Plutus current account.”
Plutus is “moving from one of its current banking partners, Clear Junction, to a new and improved banking partner, Modulr.”
Plutus is making this change “so that customers can enjoy a more reliable and abundant range of bank-like features.” This means “providing all existing customers with new current account details (i.e. a new UK Sort Code & Account Number or European IBAN).”