Modulr to power Intuit QuickBooks’ new business account

By Megha Bhattacharya

Payments-as-a-Service platform Modulr today announced that it has teamed up with Intuit QuickBooks to power its new QuickBooks Business Account, a new digital payment account designed specifically for small businesses. The collaboration is expected to allow QuickBooks to combine a business account with its suite of bookkeeping, accounting and tax tools.

Chris Evans, VP and Country Manager, Intuit QuickBooks said, “Our mission at Intuit is to Power Prosperity around the world and one of our goals to achieve this mission is to help our small businesses thrive. They power our economy and we need to do everything we can to support them. We believe we can achieve this by putting digital technology at the heart of their operation.

“It can automate bookkeeping, accounting and tax, help manage staff, be the centre of growth, and facilitate money coming in and going out of a business to make cash flow easy. That’s where the partnership with Modulr comes in. This combination of leading FinTechs will supercharge how small businesses use QuickBooks to manage their finances, and we’re so excited to get this capability in front of our customers to help them pay and get paid.”

The QuickBooks Business Account integrates with QuickBooks’ suite of financial management tools to solve four of the most common problems faced by small businesses – The Burden of Admin, Cash flow, Confidence, and Late Payments In and Out.

Myles Stephenson, CEO at Modulr said, “We are proud to power the new QuickBooks Business Account, and to support Intuit’s vision of reducing the burden of admin imposed on small businesses and their financial lives. We are committed to delivering the superior and digital payments experience that small businesses desperately need in this digital world.

“Our direct access to the Bank of England will give small businesses the confidence, security and reliability they need to focus on what really matters – shaping and growing their business. We want to make payments so easy and reliable it becomes an invisible ‘behind the scenes’ operation, which means business owners up and down the country can get on with business.”

Recently, NALA Money, a Tanzanian startup, announced that it has become an Electronic Money Directive agent with its partnership with Modulr. The development comes before the scheduled launch of its transfer app for the UK’s East African Diaspora. With the launch, the FinTech will be able to launch a range of financial services from the UK to East Africa.