Embedded payment provider Modulr launches in France and Spain

Embedded payment fintech Modulr has launched in France and Spain, as it continues its European expansion.

The UK-headquartered fintech has received regulatory approval from the Banque de France and Banco de España, which it says will allow it to “add a layer of specific localisation of these markets”.

Modulr, founded in 2015, delivers payments infrastructure to more than 200 firms, including Revolut and Sage.

It currently operates in several European countries including the UK, Ireland and the Netherlands.

Its European expansion is in contrast to some other European fintechs which are retreating from European markets, due to tough economic conditions.

Last year, Modulr secured an Electronic Money Institution (EMI) licence it needed to expand its services across Europe.

The licence win, which was granted by De Nederlandsche Bank, allows Modulr to offer instant SEPA payments as well as establish e-money accounts for clients.

Following its launches in France and Spain, Modulr, which is backed by PayPal, has earmarked Germany as its potential next European market.

As well as traditional payments, Modulr, which has raised £145.4m to date, 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.

Myles Stephenson, Modulr’s CEO and founder (pictured), said, “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.”