Soar, the
Glasgow based fintech, has announced an all Scottish partnership
with Modulr to deliver
real-time payments to support responsible lenders.
Soar aims to
tackle the societal problem of high-cost lending, working with
responsible financial institutions such as credit unions and
Community Development Financial Institutions, providing them with a
suite of mobile and digital banking technology.
The payment
side of Soar's banking technology is crucial, as many lending
institutions struggle with costly, time-consuming, outdated payment
processes. When payments are not processed in real-time, this
prevents employees having a realistic view of their ledgers. To
help lenders overcome these challenges, Soar sought a reliable
payments technology partner, to help them build out the payments
side of their solution and launch new services quickly. Modulr, the
Payments as a Service API platform for digital businesses, was a
perfect fit.
Looking to
the future, Soar plans to expand its offering for lenders even
further - using Modulr's technology to offer current accounts and
eventually a full agency banking experience.
Andrew
Duncan, CEO, Soar, said: "We're hoping to soon be serving
millions of UK consumers. We have an exciting roadmap planned and
we're looking forward to achieving some great milestones this year
and beyond."