Fintech Modulr has joined Visa as a principal issuing member granting it access to Visa’s payment network.
Through the alliance, Modulr hopes to expand its European customer base and launch consumer and business card capabilities for partners. It also plans to issue currencies.
Myles Stephenson, Modulr CEO, said: “Gaining direct access to key financial infrastructure, such as the Visa network, means that we gain more control and are able to deliver faster, simpler and increasingly friction-free full payment capability to our clients. By opening up access to non-banks such as ourselves, it helps to provide a more level playing field for competition.
“We look forward to extending the functionality of Modulr’s core platform with a leading card scheme. This will enable us not only to build a more reliable service, but to pioneer payments innovations even faster.”
Expanding Modulr’s portfolio
The new partnership aims to enhance Modulr’s offering, including optimised pricing, improved speed to market and simpler ways to launch Visa products.
Additionally, both companies will use the alliance to drive adoption within its key vertical markets, including travel and alternative banking.
Jill Docherty, head of business development at Visa UK & Ireland, said: “We are thrilled to announce our partnership with Modulr, an exciting payments platform that enables digital businesses to offer innovative, user friendly, payment solutions. We look forward to working with Modulr as it looks to expand its portfolio and grow across key sectors.”
In 2019, Modulr gained direct access to Bacs and Faster Payments. Through its access to Faster Payments, the fintech holds an account in the Bank of England’s RTGS system. This allows Modulr to settle payment obligations in central bank money under its Modulr FS Limited entity.
Furthermore, Modulr has raised £35m in funding since inception in 2016 and is backed by Capital, Frog Capital and Blenheim Chalcot.