Modulr has opened a new office in Amsterdam as part of plans for an EU-wide expansion during 2022 and 2023.
The Edinburgh-headquartered fintech firm is in the process of applying for an Electronic Money Institution (EMI) licence from the Dutch Central Bank, while currently operating at a pan-European level by ‘passporting’ its Irish EMI licence across the EU.
Modulr is expanding its European team across a number of functions, including product, compliance and business development.
Its new commercial, operational and regulatory hub will be the springboard for moves into Spain, France and Germany.
Modulr packages up regulatory permissions with payments infrastructure to let businesses embed payments into their own technology.
It has appointed the former head of international development at WorldFirst, Marca Wosoba, to become its Netherlands general manager.
Wosoba said: “The Netherlands was our first choice to establish a presence in continental Europe and gives us a solid foothold to begin eliminating payment inefficiencies for the EU’s many businesses – making payments technology work better for them.
“Amsterdam provides us with the specialist talent, excellent local business services and an energetic FinTech scene to help us on our mission.”
Myles Stephenson, founder and chief executive at Modulr, added: “Our expansion into the Netherlands and further into the continent next year will bring fast-tracked fintech to Europe – enabling EU businesses to leverage our licence and embed our payments capabilities directly into their propositions so they can grow and service customers with confidence.”
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