FinTech Modulr Gains an EMI License From Central Bank of Ireland

Modulr, a Payments as a Service API Platform for digital businesses, today updated a news that it has received an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based affiliate, Modulr FS Europe Limited (638002), also known as Modulr Europe.

The UK and Ireland-based FinTech team noted: "This is an important step in enabling our European arm to provide efficient, scalable and reliable payment services to customers across the European Union."

As explained in a release, the European division of Modulr has been established to provide customers across the European Union with an extensive suite of payments products, including its award-winning payments platform through its powerful API.

To be more specifically, the newly granted EMI licence will enable the FinTech to mainly focus on driving instant payments "expertise" into the Eurozone, in order to radically improve how wholesale and commercial payments are processed.

As noted in the release, the firm will offer payments infrastructure that’s used by established companies such as Sage, Revolut, Mode and Iwoca. In addition, Modulr's experience with Faster Payments will help it "unlock the potential" of the new scheme by delivering convenient access for European software firms, merchants, and specialist banks.

Modulr's European ambitions are hotly anticipated by the European software businesses to enable payment capabilities for their customers.