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Further Information about Modulr

Really get to know the provider behind your financial account and how they are regulated

Is Modulr regulated?

Yes, Modulr is an Electronic Money Institution (EMI), regulated by the Financial Conduct Authority (FCA). Its firm reference number is 900573 (view Modulr on the FCA Register).

How is Modulr different from a bank?

As Modulr is not a bank, it cannot provide bank accounts. Modulr can’t lend money or use money which it holds for the purposes of lending that money to others. Instead, Modulr provides payment accounts. GetGround will provide you with access to our technology, including our connectivity to various Payment Methods so that Modulr can then provide its electronic accounts and payment services to you.

As the Modulr Payment Account is not a bank account:

  • Funds in the account will not earn any interest.
  • Funds in the account will not be protected by the Financial Services Compensation Scheme (FSCS), as the FSCS applies only to deposits held with authorised banks and building societies — not to e-money accounts. Instead, your funds are protected through Modulr's safeguarding obligations (described below).


How does Modulr protect my money?


As an EMI, Modulr is required by law to protect your money through a process called safeguarding. This means that all money sent to your Modulr Payment Account is held in a dedicated, separate bank account with an FCA-approved safeguarding partner — entirely ring-fenced from Modulr’s own funds. The safeguarding account always holds an amount equal to your Modulr Payment Account balance.


For example, if £1 is sent to your Modulr Payment Account, Modulr will put £1 into a separate bank account with its safeguarding partner.

How are my funds protected if Modulr becomes insolvent? 

In the unlikely event that Modulr becomes insolvent, your funds are separate from the funds of Modulr and therefore the credits of Modulr (other third parties that are owed money from Modulr) are not able to make a claim or have any effect on your funds. 


If Modulr is unable to pay its debts and is required to close its business:


  • An independent insolvency professional will be appointed to return your funds to you; and
  • The funds in your Modulr Payment Account will be separate from Modulr’s own funds. 


Therefore, if Modulr owes money to other companies, your funds will not be used to pay this off. However, if Modulr does not have sufficient money to pay for the costs of the insolvency practitioner then their costs may be taken from your funds before your funds are returned to you.

What happens if GetGround ceases trading?


You will always have access to the funds in your Modulr account, even if GetGround ceases trading. This is because you sign the Modulr Terms and Conditions when setting up a company with GetGround, creating a direct relationship between you and Modulr. In the event that GetGround ceases trading, contact Modulr directly to access your funds.