Modulr

Modulr holds its own Electronic Money Institution (EMI) license with the FCA in the UK and the equivalent in the EU. This direct regulatory posture allows the firm to hold client funds on its own books through a safeguarded float, rather than opening sub-ledgers at a partner bank. It is also a direct participant in both the UK and European settlement schemes, including Faster Payments and SEPA.

Modulr sources both enterprise-scale platform integrations and mid-market corporate finance teams. For payroll, accounts payable, and lending use cases, it sells directly to finance and engineering leaders. For embedded payments, it provides APIs that consumer brands and software companies embed directly into their user journeys, such as digital lending payouts and property management rental collections.

Modulr raised equity capital from venture investors including Highland Europe and Frog Capital to fund the capital adequacy requirements of its EMI float. The firm has publicly reported a float exceeding £100 billion in 2024, indicating a significant increase in end-user balances held on Modulr's own regulated books rather than in transit through a bank sponsor.

Modulr focuses exclusively on business-to-business (B2B) and business-to-consumer (B2C) payment flows initiated by businesses. Its use cases — payroll, supplier payments, lending disbursements, and travel refunds — are all enterprise or mid-market operations. The firm is not consumer-facing and does not operate a retail neobank or direct-to-consumer app.

Modulr integrates with major accounting, enterprise resource planning, and payroll platforms. Confirmed integrations include Xero, Sage, and Oracle NetSuite. The firm positions its API in the procurement-to-pay workflow, enabling automated supplier payments and real-time reconciliation within existing general ledgers.

Modulr operates as a scale-up that is still venture-backed by growth-stage firms, but it has reached institutional operations with £180 billion in annual transaction volume. Its board structure is not publicly detailed beyond the founding team and venture representatives. As an FCA-regulated EMI, it must maintain independent non-executive directors and a formal risk and compliance committee.

Modulr can settle directly in the UK via Faster Payments and Bacs, and across the Eurozone via SEPA Instant and SEPA Credit Transfer. It does not hold a direct US money transmission license and does not publicly offer domestic settlement in markets outside the UK and single euro payments area.