Key Data

• Trading Name: Modulr
  
• Legal Entity: Modul FS Limited, Modulr Finance Limited, Modulr Finance B.V., Modulr Holdings Limited
• Activities: E-Money Institution
  
• Locations: UK, Netherlands
  
• Regulations: FCA UK and DNB Netherlands
  
• Key People: Marcia-Ina Cantor-Grable, Robert Devey, Myles Stephenson, Manoj Kumar Badale

Modulr is a digital payments platform that provides payment solutions for businesses. They offer a range of services, including SEPA payments, SWIFT payments, and FX payments. Modulr also provides designated IBANs for all needs, including client collections, B2B payments, refund clients, pay suppliers, and bulk payout solutions to EU countries. They have an API-first approach, which allows developers to integrate payments and account automation with their easy API integration and customer portal. Modulr is regulated by the Financial Conduct Authority (FCA) and is a member of the Faster Payments Scheme. They are headquartered in London, UK, and have offices in Edinburgh, Scotland, and Dublin, Ireland .

Offering

Modulr provides an alternative for corporate and business payment services through their API first platform. They allow businesses to automate and simplify integrations with core payment systems for collection and outbound payments.

They provide instant and fully scheme connected accounts, payment activity tracking through the transaction lifecycle, rule-based automation and seamless data reconciliation.

Their service includes:

• UK Payment
• EU Payment
• Cards
• Open Banking
• Account Services

Regulation

Modulr FS Limited is a company registered in England with company number 09897919 and ICO registration: ZA183098, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Modulr Finance B.V. is licensed and regulated by De Nederlandsche Bank (Relatienummer R182870) as an Electronic Money Institution.

People

• Marcia-Ina Cantor-Grable
• Robert Devey
• Myles Stephenson
• Manoj Kumar Badale

Customer review

Trustpilot: 1,6 Stars with 20+ Reviews

News

The UK Financial Conduct Authority (FCA) has imposed customer acquisition restrictions on Payments-as-a-Service provider Modulr until the company complies with new regulations. The restrictions, initiated in October 2023, prevent Modulr from onboarding new partner customers for card or account payments. This pause in onboarding is in response to upcoming UK regulatory changes, including new consumer tax, adjustments to push payment fraud refunds, and a ban on incentive marketing for high-risk assets like cryptocurrencies. Modulr, regulated by the FCA and a member of the Faster Payments Scheme 1, anticipates onboarding to resume in the first quarter of 2024. The company has informed new partners of the delay.

Compliance Check

As a consequence of unfavorable customer ratings and in light of regulatory constraints imposed by the Financial Conduct Authority (FCA), Modulr has been included in our RED compliance list.