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Edinburgh-based Fintech Begins Expansion into EU

Graham Turner


Modulr expansion
Scottish fintech Modulr has opened an office in the Netherlands as part of its EU-wide expansion strategy.

Edinburgh-based fintech Modulr – recently named the second-fastest growing tech company in the UK – today unveiled its new Amsterdam office, acting as a springboard for further expansion into Europe over 2022 and 23.

The payments-as-a-service API platform for digital businesses is in the process of applying for an EMI licence from the Dutch Central Bank, De Nederlandsche Bank (DNB), while currently operating at a pan-European level by passporting its Irish EMI licence across the EU.

Modulr is expanding its European team across a number of functions – including product, compliance and business development.

Speaking about the move, Marca Wosoba, General Manager at Modulr Netherlands said: “We want to enable the global shift towards embedded payments delivered – not by banks – but by API as default.

“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.

“When it comes to taking advantage of SEPA Instant and a digital instant economy, the real differentiation for European businesses will be how smoothly funds flow at either end of the rail – a proven real-time payments engine can seriously scale potential.”

With a vibrant fintech scene, established professional services and a rich talent pool, Modulr chose Amsterdam as its commercial, operational and regulatory hub for accessing continental Europe.

Modulr’s move comes as the firm looks to expand into other key European markets, including Spain, France and Germany.

The ongoing financial digitisation projects of the European Central Bank and SEPA show there is market appetite for fast, reliable digital payments, businesses are still in need of a payments partner to scale their payments potential and make the most of the growing instant economy in Europe.

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 enterprises alike.


Modulr packages up regulatory permissions with a payments infrastructure to help businesses to embed payments directly into their tech and brand in what it calls ‘fast-tracked’ fintech.

Myles Stephenson, Founder and Chief Executive Officer at Modulr commented: “Across Europe, businesses and their customers are being let down by poor payments processes.

“Our mission is to remove all hidden payments inefficiencies and enable the next generation in global digital transformation – the shift towards embedded payments.”

Modulr FS Europe Limited is authorised by the Central Bank of Ireland as an Electronic Money Institution. Backed by global industry leaders, including the venture arms of PayPal and FIS, it enables businesses to automate payment flows and embed payments into their platforms.

It’s payments engine is built around the real-time payment scheme in the UK (Faster Payments), meaning the fintech has built an API-based, flexible Payments-as-a-Service proposition that offers bespoke payments infrastructure to enable any innovation built on top of it.

Graham Turner

Sub Editor

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