Frog portfolio company Modulr –– the Payments-as-a-Service API Platform powering major brands like Revolut, Sage, and Paxport –– has recently been granted an Electronic Money Institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr Europe.
Modulr Europe’s new EMI licence now allows the FinTech to offer an ample suite of payment options to customers across the European Union such as its award-winning payments platform.
According to Modulr, they plan to bring their valuable expertise on real-time payments to SEPA Instant, the euro’s instant payments scheme, by drawing on their experience of Faster Payments. The grant follows Modulr’s strong business growth in the UK over the past four years.
Myles Stephenson, Chief Executive at Modulr, says, “We believe that our depth of experience in digital payments and API integration makes us the perfect partner for European businesses seeking to transform the way they make, receive and manage payments. Traditional banks face clear challenges in making embedded payments a reality via developer-friendly and seamless APIs.”
Meanwhile, Modulr Europe General Manager John Irwin comments: “The granting of the licence is a significant milestone for Modulr’s European operations in Dublin and ambitions for the European market. Our digital platform and experience can transform the payments business. For too long, European payments have relied on the same technologies.”
Modulr has moved over £40bn for customers including Sage, Revolut, and Paxport through its platform which has an uptime of 99.999%.
To learn more about Modulr’s plans across the European Union, read the full article here.