providing payment platform for businesses Modulr FS Limited (United Kingdom) is an electronic money institution authorized and regulated by the Financial Conduct Authority. Modulr FS is focused on providing payment platform for businesses. The company offers white-label banking, payments as a service to institutions. In 2023 Modulr FS Limited had total assets of 447.43 mln GBP, and generated net income of 12.46 mln GBP. During 2023 the company had 4 employees in average.
13 August 2024, by Anna Mileiko
TheBanks.eu has developed a proprietary methodology to assign ratings to payment institutions based on their operating environment, company background, business model, market niche, product range, transparency, customer support and customer sentiment. According to the methodology, Modulr FS Limited is assigned the overall rating 3.78 (good) which is explained in details below.
| Operating Environment | Very Friendly | (4.81) |
| Product Range | Focused | (1.92) |
| Market Niche | Average | (3.05) |
| Company Background | Very Strong | (4.70) |
| Customer Support | Good | (3.43) |
| Customer Sentiment | Average | (3.30) |
| Transparency | Average | (3.39) |
| Overall Rating | Good | (3.78) |
|---|
TheBanks.eu has also identified the following pros and cons of the company:
Accounts offered by Modulr FS as a part of BaaS are multi-currency accounts, allowing account holders to keep their funds in 2 currencies, namely:
GBP (Pound sterling)
EUR (Euro)Modulr FS offers issuance of the following card types:
Agent License. A private reseller agreement is signed between Modulr FS and the company. Modulr FS assists the company in obtaining EMD Agent License from the Financial Conduct Authority.
Separate License. Modulr FS assists the company in obtaining Banking/EMI license from the Financial Conduct Authority.
Modulr FS is neither registered with the Financial Conduct Authority (FCA) as a crypto asset firm, nor offers any crypto assets services.
Modulr FS Limited is not registered with the Financial Conduct Authority as a crypto asset firm.
Modulr FS do not offer crypto assets services.
| GBP | 2022 | 2023 | change (%) |
|---|---|---|---|
| Total Assets | 347,153,001.00 | 447,431,457.00 | +28.89% |
| Turnover | 7,156,090.00 | 14,682,447.00 | +105.17% |
| Gross Profit | 7,156,090.00 | 14,682,447.00 | +105.17% |
| Net Income | 5,617,024.00 | 12,463,375.00 | +121.89% |
| Rank | Name | Market % | Total Assets |
|---|---|---|---|
| 18 (-5) |  WorldRemit Ltd | 1.35 % | 438.90 mln GBP (+14.84%) |
| 19 (-1) | Modulr FS Limited | 1.07 % | 347.15 mln GBP (+38.54%) |
| 20 (+4) |  The Currency Cloud Limited | 1.05 % | 339.82 mln GBP (+54.57%) |
United KingdomModulr FS Limited is authorized by the Financial Conduct Authority as a e-money institution (reference number 900573) for issuance of electronic money, distribution and redemption of electronic money, placing cash to a payment account, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), execution of payment transactions on a payment account (using a credit line), issuing payment instruments or acquiring payment transactions, money remittance, execution of payment transactions via telecoms, IT system or network operator, account information services, payment initiation services; the authorization was granted on 22 June 2018.
Modulr FS Limited is not a bank, it can't collect deposits from public or loan out its clients’ money. Hence, it does not have to participate in deposit guarantee schemes. However, Modulr FS is required to safeguard its customers’ money.
Since January 2021, Modulr FS Limited can not conduct its activities in EEA member states. Modulr FS Limited keeps providing its services to EEA-based customers via Modulr Finance B.V. (Netherlands), Modulr FS Europe Limited (Ireland).
Modulr FS Limited is a SWIFT member and a SEPA (SCT, SCT Inst) scheme participant.
58 Wood Lane Modulr Scale Space, W12 7RZ, London, United Kingdom
+44 208 080 9513EnglishModulr FS has profiles on the following social networks:
Finland
Latvia
Netherlands
Ireland
France
United KingdomNo. Modulr FS Limited is not a bank, but an electronic money institution authorized and supervised by the Financial Conduct Authority (FRN: 900573).
In 2022 the company became 19th largest e-money institution in the United Kingdom with market share - 1.07 %.
Modulr FS is required by law to protect customer money. Customer funds received by Modulr FS in exchange for e-money are segregated from all other funds that the company holds and they cannot be used for any other purposes. The funds Modulr FS safeguards must be held in specially designated client accounts at credit institutions (banks) or the Bank of England.
