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Modulr to power payments infrastructure for savings app EverUp

By Megha Bhattacharya

December 10, 2020

  • Modulr
  • UK
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Payments as a Service Modulr has been selected by savings app EverUp in a bid to boost the latter’s payments infrastructure, including access to Faster Payments. EverUp will be able to offer its customers the UK’s digitally native, prize-linked money savings app, when it launches in January next year.

Giuseppe Caltabiano, CEO and Co-founder at EverUp, said, “While the financial industry has rolled out budgeting Apps and saving features that automate setting money aside, it can be hard for savers to give up short-term satisfaction derived from everyday spending. We replace delayed gratification with instant gratification by embedding instant games, lotteries and gamification into a novel, prize-linked money-saving app.”

Modulr’s fully scalable platform allows us to not only deliver on our customer promises now, but also supports our business ambitions, as we look to expand the product suite by adding innovative new prize-linked products and scale across Europe.”

EverUp’s customers will be able to earn virtual coins based on how much they are saving and as they perform other actions, such as signing up, signing in, levelling up and inviting friends to join. Modulr’s API-driven platform will enable EverUp to create individual money accounts for each of its customers so that they can start funding their account and playing for free, straight away.

Recently, Modulr announced that it has secured £9 million in an investment round from PayPal Ventures in a bid to accelerate product development, team growth and expansion of customer base.

Myles Stephenson, CEO at Modulr, said, “We are excited to be partnering with EverUp. Its innovative approach to saving will make it more rewarding for many and will enable other non-saving and unbanked households to take that first important step to saving. Unlike the traditional method of saving money, which takes time to yield results, a prize-linked experience instantly rewards efforts, powered by Modulr’s 24/7 payments infrastructure. We look forward to collaborating with EverUp to drive even further innovation in financial services.”

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