Amsterdam newcomer Modulr granted EMI licence

British fintech scale-up Modulr is now licensed as an Electric Money Institution by De Nederlandsche Bank (DNB). It means it can offer the full spectrum of payment services across the European Economic Area.

Modulr’s payments-as-a-service API platform enables businesses to automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. Clients include Sage, Intuit (QuickBooks) and Revolut. 

It announced a new office Amsterdam in September 2021 to kick start its European expansion. 

Marca Wosoba, general manager of Modulr Netherlands, said: “This is a huge milestone in making global embedded payments delivered – not by banks but – by API as default a reality. With our Dutch licence we can give European businesses a real competitive advantage with smooth payment flows at either end of the rail and a proven real-time payments engine that can significantly scale.” 

CEO and founder of Myles Stephenson said: “We’re incredibly excited to have been granted an EMI licence by the DNB to operate in the Netherlands and across Europe as well as offering the platform’s full spectrum of payment services.

“With a vibrant fintech scene, established professional services and a rich international talent pool, we chose Amsterdam as our commercial, operational and regulatory hub for accessing Europe.”

Europe's fintech hub

As well as being home to the Amsterdam Stock Exchange and headquarters of major Dutch banks, Amsterdam has established itself as a leading centre for fintech in recent years, thanks to payment pioneers such as Mollie and Adyen, and digital bank bunq. The city’s innovative tech community, English-speaking talent pool and world-class financial infrastructure and open regulatory systems make it an attractive place for fintechs to build and scale.

Read more business news from around Amsterdam.