Estonian-founded Modularbank has signed a strategic partnership with Nets Estonia, a European payment processing providers.
Modularbank has developed a core banking platform aimed at enabling banks and any other companies to quickly roll out tailored financial services to their customers.
The new partnership with Nets will enable Modularbank to add card issuing and processing solutions to its ecosystem.
“Forming a partnership with Nets, one of the leaders in the financial services industry, is a significant sign of trust for us,” said Rivo Uibo, co-founder and chief of business at Modularbank. “It serves as proof of competence, showing that what we are building creates value on a larger scale.
“The overall impact of the partnership lies in the constellation of value – by combining the capabilities and assets of multiple stakeholders we create a new whole that is greater than the sum of its parts. It reflects the trend towards new ‘platform thinking’ where, rather than do everything by themselves, companies, make the most of the best-of-breed solutions already out there today to deliver the end-customer a winning solution.”
Henrik Anker Jørgensen, CEO of Nets Estonia, added, “Our partnership with Modularbank increases our customers’ innovation capacity while reducing time to market and the cost of maintaining their technology stack. Many banks and issuers struggle with legacy systems while trying to keep up with Neobanks that were born in the cloud. By partnering with Modularbank, we enable both the Neobanks as well as the traditional banks, to take the leap into the next generation.”
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