London-headquartered fintech company Modulr is expanding its embedded finance platform to France and Spain.
Modulr’s France and Spain expansion comes after the company received authorisation from the two countries’ central banks.
It also gives Modulr permission to use “specific localisation” of its financial products in the two markets.
Founded in 2016, Modulr’s tools let businesses control, automate and embed payments.
“Our customers benefit from creating new revenue opportunities, substantially improving process cost and efficiency, and transformed end-customer experiences,” said Myles Stephenson, CEO and founder of Modulr.
The fintech first revealed its plans to expand into new markets when it scooped £83m in a Series C round funding, led by General Atlantic last year.
Stephenson added: “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.”
Companies can use Modulr to add financial tools such as customer accounts, crypto, lending, trading, investments and payroll, processing more than £100bn in transactions each year.
Sage, Wagestream, and BrightPay are all users of embedded finance software according to the firm.
Modulr also has offices in Edinburgh, Dublin and Amsterdam, with a team of over 300 staff.
Other UK-based embedded finance businesses include Paddle, Railsr and Weavr.
Source: UK Tech
