Modulr Expands Embedded Payments Offerings to France and Spain

Modulr has reportedly expanded its embedded payments offerings to France and Spain.

With this expansion and a layer of localization, French and Spanish firms can use Modulr’s embedded payments offerings to boost their competitiveness both within their country and across the United Kingdom and the European Economic Area (EEA), Fintech Finance News reported Wednesday (June 21).

Modulr did not immediately reply to PYMNTS’ request for comment.

“Our ambition is to bring the benefit of embedded payments to all businesses and solve the current problem of broken business payments,” Modulr CEO and Founder Myles Stephenson said in the Fintech Finance News report. “Our customers benefit from creating new revenue opportunities, substantially improving process cost and efficiency, and transformed end-customer experiences.”

PYMNTS research has found that embedded experiences promote customer loyalty and engagement by creating more avenues for consumers to interact with their favorite brands.

Eighty-eight percent of companies that offered some type of embedded finance option said it increased engagement, and 85% said it helped them acquire new customers, as reported in “How Nonfinancial Brands Can Benefit From Offering Embedded Financial Services,” the April edition of the “Embedded Finance Tracker®,” a PYMNTS and Galileo collaboration.

The Modulr solution allows software-based businesses to use a single set of application programming interfaces (APIs) to embed payment and account functionality and move money around the U.K. and EEA, according to the Fintech Finance News report.

The solution enables business payments to operate 24/7 and in real time, high-volume incoming payments to be automatically reconciled and payments to be made in real time, the report said.

This report comes about a year after Modulr raised $108 million in a Series C round and said it planned to use the funds to expand its geographic footprint, extend its client and partner coverage, and become a “pan-European payments champion.”

The news also comes at a time of several acquisitions and partnerships in the embedded payments space.

For example, on May 31, Mastercard and Fabrick expanded their partnership to develop embedded finance solutions for European businesses, financial institutions and FinTechs.

About a week earlier, on May 22, Fifth Third Bancorp acquired the embedded payments platform Rize Money to boost the bank’s treasury management business.