By Aisling Finn on Wednesday 22 September 2021
The fintech is hoping to use the new Amsterdam office to launch in other European countries in the coming months.
The payments focused fintech is opening an office in the Netherlands, which it will use to springboard its EU-based expansion plans—launching in new countries throughout 2022 and 2023.
Thanks to the undisclosed funding amount it received from FIS Ventures, part of the payments giant that owns WorldPay, Modulr is funnelling its attention into its EU operations and commercial teams.
The new hub will also help the fintech gather pace for its application for an e-money institution (EMI) licence from the Dutch Central Bank, De Nederlandsche Bank (DNB), and help it utilise its Irish EMI licence across the EU.
To help it get started, Modulr has appointed its first country manager for the Netherlands, Marca Wosoba, who was the former head of international development at international remittances firm World First.
“The Netherlands was our first choice to establish a presence in continental Europe and gives us a solid foothold to begin eliminating payment inefficiencies for the EU’s many businesses - making payments technology work better for them,” Marca Wosoba, Modulr’s first general manager for the Netherlands said.
“Amsterdam provides us with the specialist talent, excellent local business services and an energetic FinTech scene to help us on our mission.”
Modulr is also hoping to tap into the rich tech talent pool in Amsterdam, expanding its commercial, operational and regulation operations as it does so.
“Our mission is to remove all hidden payments inefficiencies and enable the next generation in global digital transformation - the shift towards embedded payments,” Myles Stephenson, CEO and founder of Modulr added.
“Our expansion into the Netherlands and further into the continent next year will bring fast-tracked fintech to Europe - enabling EU businesses to leverage our licence and embed our payments capabilities directly into their propositions so they can grow and service customers with confidence.”
With the new office in Amsterdam, Modulr will be able to tap into nearby markets, such as Germany, France and Spain, with ease and expand further across the continent in due course.