Modulr granted Dutch EMI licence to now operate across Europe

The UK fintech plans to expand into open banking services as it grows.

After opening its Amsterdam office only in November, payments-as-a-service provider Modulr has now secured the Electronic Money Institution (EMI) licence it needs to expand its services across Europe.

The licence win, which was granted by De Nederlandsche Bank, means Modulr can soon offer instant SEPA payments as well as set-up e-money accounts for clients.

“With a vibrant fintech scene, established professional services and a rich international talent pool, we chose Amsterdam as our commercial, operational and regulatory hub for accessing Europe,” said Myles Stephenson, the fintech’s CEO and founder.

As well as traditional payments, Modulr is planning on offering open banking capabilities (including payments and account information services), as well as physical and virtual card issuance, and more across Europe.

Modulr said its European launch will start with Spain and France, and has previously mentioned Germany as a logical market to enter across the continent.

The expansion comes after payments giant FIS, the parent company of WorldPay, last year made an investment of an undisclosed amount in Modulr.

It came on top of the £63.3m that Modulr had already raised to date from the likes of PayPal and Highland Europe, and was specifically targetted at accelerating Modulr’s growth into Europe.