Modularbank and Nets Estonia sign strategic agreement

By Megha Bhattacharya

Estonia-based Modularbank has announced a strategic partnership with Nets Estonia in a bid to extend the offering of its core banking platform. The company, with the partnership, will be able to add card issuing and processing solution to its product suite and enhance the value of its card product portfolio.

Rivo Uibo, Co-founder and Chief of Business at Modularbank, commented,  “Forming a partnership with Nets, one of the leaders in the financial services industry, is a significant sign of trust for us. 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.”

The collaboration between Nets and Modularbank is expected to ensure speed in launching or modernising their card business, cost-effectiveness in managing that business and extreme agility in building new customer use cases. Nets´current customers will have access to the rest of the capabilities provided by Modularbank’s next-gen core banking platform.

Henrik Anker Jørgensen, the CEO of Nets Estonia said, “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.”