Modulr has expanded the geography of the application of its offer for instant payments.
This financial service provided by the company has become available in France and Spain. As a result of the implementation of the new initiative to localize the financial solution, Spanish and French firms can use the Modulr offer for embedded payments in the domestic market, as well as in the UK and the European Economic Area. The emergence of a new opportunity means for companies the prospect of increasing their level of competitiveness.
Modulr CEO and founder Myles Stephenson stated that the firm’s goal is to provide the benefits of embedded payments to all businesses. Separately, he noted that his company’s solution will help to cope with the problem of failures that occur during business transactions. According to him, customers will benefit from new sources of income, and a significant increase in the cost and efficiency of processes. Myles Stephenson also stated that his company’s offer will improve the quality of service to end consumers.
Industry research shows that embedded financial solutions contribute to the growth of customer loyalty and engagement. In this case, the space of interaction between consumers and brands is significantly expanded. Customers get additional opportunities for relationships with companies. In the United States, 88% of firms that offered consumers one or another option of embedded financing reported an increase in the level of engagement. Also, 85% of them reported that this solution helped to expand the customer base.
The Modulr offer provides an opportunity to use a single set of application programming interfaces (APIs) to implement payment and account functions. This solution also ensures the movement of money across the European Economic Area and the UK. In this case, it is possible to carry out business in real-time. The corresponding function is available at any time. Automatic verification of large volumes of incoming payments is also guaranteed.
Last year, Modulr raised investment funds for 108 million dollars following the results of the Series C financing round. Then the company announced its intention to use this money to expand the scope of its activities, implying an increase in the number of markets in which the company is present. Modulr also considered investments as a way to increase the customer base and establish cooperation with new partners.
Partnerships in the field of embedded payments are currently a kind of trend. For example, at the end of May, Mastercard and Fabrick announced the expansion of partnership relations to create solutions for European businesses, fintech firms, and organizations operating in the financial sector.
Also in May, Fifth Third Bancorp acquired the Rize Money embedded payment platform. The purpose of this transaction was to expand the financial institution’s treasury management business.
As we have reported earlier, ACI Worldwide Offers Instant Payments to UK and EU Merchants.
