Banking Fintech News

The Central Bank of Ireland grants Modulr an EMI licence

Modulr receives investment from PayPal Ventures

UK and Ireland-based FinTech Modulr has announced it has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr FS Europe Limited (638002), (hereafter referred to as Modulr Europe).

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Modulr Europe was granted an EMI licence by the Central Bank of Ireland and plans to provide services to customers across the European Union.

Following strong business growth in the UK over the past four years, the newly granted EMI licence will enable the FinTech to offer an extensive suite of payments products, including its award-winning payments platform, through its powerful API to EU markets.

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The team at Modulr also brings its significant expertise of real-time payments to SEPA Instant, the euro’s instant payments scheme. Modulr will draw on its experience of Faster Payments to unlock the potential of the new scheme by providing efficient access for European software companies, merchants, specialist banks and more.

The true potential of a digital API-led alternative to commercial payments will rely upon an agile and efficient ‘behind the scenes’ payments process, which has historically been inaccessible and unaffordable to SMEs and enterprise alike. This information comes from soon to be published research commissioned by Modulr, which reveals contemporary insight not only into the hard cost of payment processes but the hidden impact on customer experience as well.

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