UK fintech Modulr secures e-money licence from Central Bank of Ireland

21 Oct 2020

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Modulr confirmed its Dublin base has been granted an e-money licence by the Central Bank of Ireland to support its EU ambitions.

Modulr, a London-based fintech that offers a payments-as-a-service platform for digital businesses, can now expand its services to EU businesses regardless of the impact of Brexit. The company confirmed its Irish operation has secured an e-money licence from the Central Bank of Ireland.

John Irwin, Modulr Europe’s general manager, said the granting of an e-money licence was a “significant milestone” for the company’s Dublin operation and its European ambitions.

“We look forward to automating payment flows, embedding payments within customers platforms and enabling them to focus on their core business,” he said. “This will shore up the hidden inefficiencies prevalent in many payment processes today making payments a competitive advantage.”

The company said it has moved more than £40bn (€44bn) for its customers – which include Sage, Revolut and Paxport –through its platform. It said it plans to draw on its experience of faster payment technology to unlock the potential of the SEPA scheme within the EU.

Fundraising efforts

Modulr’s chief executive, Myles Stephenson, added that he was “delighted” with the awarding of an e-money licence.

“We plan to build a truly digital, frictionless payments infrastructure for software platform partners to provide new payment experiences to more than 500m people,” he said.

“We believe that our depth of experience in digital payments and API integration makes us the perfect partner for European businesses seeking to transform the way they make, receive and manage payments.”

In May, London-headquartered Modulr raised £18.9m to develop its platform and expand into new product areas and markets, bringing its total funding to £53.3m.

One of Modulr’s clients, Revolut, is currently in the process of applying for an Irish e-money licence. Earlier this month, the fintech confirmed it was to temporarily migrate Irish customer accounts to its business in Lithuania while it waits for a licence from the Central Bank of Ireland.

Licensed in the UK by the Financial Conduct Authority, Revolut holds an e-money licence allowing it to operate in Ireland under EU passporting rules. However, in the wake of Brexit, Revolut’s UK e-money licence will not be valid in Ireland by the end of the year.

Colm Gorey was a senior journalist with Silicon Republic