Modulr, one of the UK’s fastest growing fintechs, has teamed up with Visa in an effort to expand its European customer base.
The partnership will add extra functionality and benefits to Modulr’s offering, including optimised pricing, improved speed to market and simpler ways to launch Visa products.
The partnership will help the company launch consumer and business card capabilities for its partners, and will enable it to issue currencies. The access will remove the requirement to go through an intermediary bank, eliminating extra layers of friction and give them the ability to issue Visa products directly.
Myles Stephenson, CEO of Modulr, said: “Gaining direct access to key financial infrastructure, such as the Visa network, means that we gain more control and are able to deliver faster, simpler and increasingly friction-free full payment capability to our clients. By opening up access to non-banks such as ourselves, it also helps to provide a more level playing field for competition in the sector.
“We look forward to extending the functionality of Modulr’s core platform with a leading card scheme, enabling us not only to build a more reliable service, but to pioneer payments innovations even faster.”
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Jill Docherty, head of business development, UK & Ireland at Visa, said: “We’re thrilled to announce our partnership with Modulr, an exciting payments platform that enables digital businesses to offer innovative, user friendly, payment solutions.
“We look forward to working with Modulr as it looks to expand its portfolio and grow across key sectors in Europe such as travel. We look forward to seeing how our partnership will enable even more businesses across the UK and Europe to benefit from Visa products, driven by powerful payment solutions built by Modulr.”