“Can a regulated API-first payments infrastructure layer — covering UK, EU, and now US rails — become the default embedded payment and account operating system for fintechs, lenders, and enterprise SaaS platforms globally?”
Founded in 2015 as a Payments-as-a-Service API platform, Modulr positioned itself as a direct alternative to commercial transaction banking, providing regulated payment infrastructure (FCA EMI license) to fintechs, lenders, payroll platforms, and enterprise software companies without requiring them to become regulated themselves. Over time the platform expanded from UK Faster Payments and Bacs to SEPA, SWIFT, Open Banking PIS/AIS, and card issuing on Mastercard/Visa. The 2022 Series C funded a pan-European push; by 2026, the company pivoted further outward into the US market via the FIS Money Movement Hub partnership, positioning Modulr as a B2B embedded payments infrastructure layer at global scale.
Modulr discloses Modulr FS Limited (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Modulr does not disclose a bank charter of its own; its banking services are provided through Modulr FS Limited (in-house).
Modulr processes payments through Modulr (self-operated). Disclosed money-movement rails: SWIFT, SEPA and Faster Payments.
Modulr's cards are issued through Modulr (self-operated).
Modulr uses Sardine for fraud prevention.
Modulr integrates with Xero, QuickBooks and Sage.
The Embedded Finance Index 2026 maps 7 layers in Modulr's stack: Payments / PSP (Modulr (self-operated)); Money movement (SWIFT, SEPA and Faster Payments); Banking / BaaS (Modulr FS Limited (in-house)); Card issuing (Modulr (self-operated)); Lending (Lending & Wage Advance payment infrastructure (disbursements and collections for lender clients)); Accounting (Xero, QuickBooks and Sage); Fraud (Sardine).
Modulr was founded by Myles Stephenson and is founded in 2015, headquartered in London, UK (Scale Space, 58 Wood Lane, London W12 7RZ).
Modulr has raised ~£161M+ (including £10M grant from Capability and Innovation Fund) in total (latest round: Series C, May 2022).
Get a read on where your own stack stands against Modulr and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.