As the consumer and B2B online lending market has grown rapidly over the last few years, one of the increasing challenges has become the complexity of managing thousands of client accounts and the payments going in and out on a regular basis.
A new breed of fintech companies has emerged to solve precisely this problem – by providing regulated e-money platforms. One such organisation is Modulr, whose team, headed by Myles Stephenson, has ample experience in providing payments services. Stephenson reports that clients for his platform have historically tried to cobble myriad solutions together, none of which was designed to handle and reconcile individual accounts and payments going in and out on the scale that is now demanded.
He says that Modulr has designed its platform from the ground up, aiming to provide a flexible, scalable solution to this problem. “We’re already seeing significant interest and deployments in the online lending market,” says Stephenson.
“Manual attempts to keep track of confusing volumes of payments within a single bank account are leading businesses to experience pain and frustration. When so many areas of our lives are being transformed by technology there just has to be a better, faster, more value-driven way of doing this.”
One of their new clients, an online business lender, claims that the Modulr solution has created significant efficiencies in their payments handling process, enabling a much greater level of customer service.
Modulr has also received the endorsement of backers Blenheim Chalcot and former Google MD Dan Cobley, who point out that Stephenson and his team have deep domain knowledge in the industry. Together with significant opportunities being created by industry-wide changes, the launch of this service comes at a key time for the financial sector.
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