The system, powered using Modulr’s 24-hour API platform, will enable Soar to build digital banking solutions for organisations such as credit unions and Community Development Financial Institutions (CDFIs).
Modulr’s platform delivers a digital alternative to processing payments via traditional business and corporate banking that can be fully integrated.
In May 2020, Modulr raised £18.9m in growth funding to develop its payment platform, invest in new products and expand into Europe; bringing the total funding received to £53.3 million.
Many lenders struggle with outdated payment processes which prevent employees from having a realistic view of their ledgers.
The new collaboration between Soar and Modulr will help organisations to build out the payments side of their solution and launch new services quickly.
Andrew Duncan, CEO at Soar, commented: “Our partnership with Modulr is going to make a huge difference to the responsible lending organisations we work with. It’s going to enhance the payments side of our product, bringing us much closer to providing a complete solution to our customers.
“With Modulr’s support, we’ll be able to drum up further interest in the market and grow our business.”
“We’re hoping to expand our reach, enter new markets and soon be serving millions of consumers in the UK. We have an exciting roadmap planned and we’re looking forward to achieving some great milestones this year and beyond. Modulr will be key to helping us realise our vision.”
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In the future, Soar hopes to further expand the service provided to lenders– using Modulr’s technology to offer current accounts and eventually provide a full agency banking experience.
Myles Stephenson, CEO of Modulr, says: “We’re proud to be supporting a fellow Scottish FinTech like Soar, as they strive to provide responsible lenders with access to innovative technology. Their vision is to help these organisations get funds quickly to those who need it most.
“With our reliable payments infrastructure powering their banking technology, we’re excited to help them realise this goal.”