BUSINESS payments firm Modulr has joined fintech trade body Innovate Finance.
The payments technology company helps set up payroll and consumer loans functionality as well as payment collection and distribution for a range of start-ups and challenger banks.
Myles Stephenson, chief executive of Modulr, said it was important to be members of an organisation that advances the interests of a community of companies that make such a “significant contribution” to the UK economy and provide consumers and businesses with a more user-friendly and cost-effective alternative to banks.
“Being part of Innovate Finance means we can contribute to efforts to increase awareness generally of non-bank alternatives such as e-money and payment institutions,” he said.
“This includes how these fintechs are opening up access to electronic payment schemes in the UK and Europe and leveraging the opportunities presented by PSD2 (the Payment Services Directive) and Open Banking to provide value-added services around payment initiation and aggregating account information to make enhanced lending decisions.”
Read more: Innovate Finance reveals Pitch360 finalists
Innovate Finance was founded in 2014 and boasts members ranging from early-stage start-ups to global financial institutions.
The trade body warned last month that the fintech industry will face a “damaging shortfall” of talent unless the UK government maintains a flexible immigration policy, warns Innovate Finance.