Modulr Extends Footprints into France and Spain

Building on Europe's world-leading payments regulation framework, Modulr recently announced the next stage in its European growth with deeper presence and product functionality specifically for the French and Spanish markets.

Regulatory and branch registration approvals with central banks the Banque de France and Banco de España allows the embedded payments leader to add a layer of specific localisation in these markets, increasing the competitiveness of regional firms both in-country and across the UK and EEA.

Modulr enables any software-based business to embed payment and account functionality directly into their own tech stack and move money securely and compliantly across the UK and EEA with a single set of flexible and scalable APIs.

Myles Stephenson, Modulr’s CEO and Founder, says, "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."

Modulr is a regulated Electronic Money Institution (EMI) by the Dutch Central Bank (De Nederlandsche Bank) and the Financial Conduct Authority (FCA) in the UK and is a SEPA participant via their integration with the Bank of Lithuania’s CENTROlink system. Launching a selection of European IBANs (French and Spanish IBANs, in addition to the firm's existing Irish and Dutch IBANs) gives Modulr even greater scale to operate locally and on a Pan-European basis as well as supporting expansion ambitions of its UK and European clients by issuing accounts with sort codes and Euro IBANs to businesses across the region.  

(Source: Finextra)