Modulr is continuing its European growth with expansion into France and Spain.
The London-based embedded payments FinTech has secured regulatory and branch registration approvals with central banks the Banque de France and Banco de España.
The company says this allows it 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.
Modulr allows business payments to operate 24/7, under full software control, and in real-time – an alternative to traditional corporate bank payments which fail to offer these features which customers increasingly expect.
Businesses can automatically reconcile high volume income payments without the usual manual and lengthy processes, and make payments in real time rather than waiting for batch processes to complete.
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Businesses across financial services, travel, accounting, payroll, property, marketplaces already use its accounts, payments and open banking APIs, webhooks for alerting, and physical and virtual card programmes.
The solution has been serving UK clients since 2016 and European clients since 2020, delivering 168% growth in customers and a transaction volume increase of almost 580% in 2022.
“Our ambition is to bring the benefit of embedded payments to all businesses and solve the current problem of broken business payments,” said CEO and founder Myles Stephenson. “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.”