Selecting Your Fintech Ally: A Comprehensive Comparison of Rapyd vs Modulr
Businesses need platforms that understand their unique financial needs and offer robust, scalable solutions. Rapyd and Modulr are two prominent players in the payments field, each carving out their own niche. Modulr is a regional provider offering payments and payouts in the UK and Europe. Rapyd, known for its extensive global reach and versatile financial services, also boasts a dominant presence in the UK and Europe, specialising in streamlined, integrated solutions for payments, payouts and virtual accounts.
This blog provides a detailed comparison to help you choose the right solution.
What is Modulr?
This payments-as-a-service provider primarily focused on the UK and European markets, Modulr offers an array of services, including white label infrastructure, physical and virtual card issuing, and real-time payments.
What is Rapyd?
Rapyd stands out on the fintech leaderboard through its unparalleled global reach and the ability to support many different industries. Also setting Rapyd apart is its compliance infrastructure, offering built-in Know Your Customer (KYC), Know Your Business (KYB), sophisticated transaction monitoring to combat the financing of terrorism (CFT) and Anti-Money Laundering (AML). With one integration, consolidated settlement and reconciliation, clients can accept, hold and send funds worldwide.
Tailoring Solutions to Industry Needs
Rapyd and Modulr both provide fintech solutions, but Rapyd offers a broader range of services and greater reach.
Both companies say they let merchants collect and disburse payments on one platform. Both can support businesses across the UK and Europe and offer the ability to collect payments, send payouts and issue cards. However, Rapyd provides greater coverage, with the ability to onboard merchants located in more than 70 countries and the ability to send and receive payments in 190+ countries.
So what makes these businesses different?
Rapyd is a principal member of Visa and Mastercard, offering best-in-class card acquiring alongside hundreds of alternative payment methods on a single platform. Rapyd helps merchants improve authorisation rates and effortlessly accept card payments globally, making its payment offerings superior to Modulr.
While Modulr supports transactions in around 36 countries, Rapyd expands this scope, facilitating payments and payouts to 190+ countries with over 900 payment methods. This unparalleled reach is especially beneficial for businesses operating in challenging regions and industries. Rapyd goes beyond bank transfers and real-time payment networks by enabling instant 24/7/365 card payouts to Visa and Mastercard holders.
Rapyd is trusted by over 250,000 merchants worldwide, compared to Modulr’s usage by 300+ companies. This extensive track record underscores Rapyd’s ability to handle complex financial needs.
Rapyd’s flexibility is unmatched, catering to businesses domiciled in over 70 countries, including comprehensive support in the UK, EEA, LATAM and across Asia. Rapyd also excels in providing tailored solutions for challenging industries like online gaming, content creation and forex. In contrast, Modulr, primarily focused on the UK and Europe, faces limitations in global expansion and recently stopped onboarding customers in specific verticals due to regulatory changes. This regional focus might restrict businesses looking for broader international reach.
Rapyd offers a more streamlined and cost-effective integration process and provides clear and fair transaction pricing. The ease of onboarding with Rapyd, combined with its powerful API, an extensive sandbox environment and transparent pricing, positions it as a more accessible and affordable option compared to Modulr.
Comparing Competitors Rapyd vs Modulr
Rapyd VS Modulr Key Services and Features
Understanding the specifics of what each service offers is crucial. Here’s where Rapyd and Modulr have the most significant differences.
- World-Class Card Acquiring:
As a principal member of Visa and Mastercard, Rapyd combines best-in-class card acquiring with hundreds of payment methods into a single platform. Allowing merchants to improve authorisation rates and easily take card payments worldwide with a single partner.
- Access to UK Payment Networks
Rapyd and Modulr provide access to essential UK payment networks like Faster and Bracs. Rapyd extends its reach globally, offering access to RTP networks, bank transfers, and card payouts in over 190 countries.
- Card Issuing & eMoney Accounts
Both platforms provide these services, enabling businesses to issue cards and manage electronic money accounts effectively.
- Global Reach
Modular supports sending and receiving payments in around 36 countries, making Rapyd’s global reach a significant advantage with payments and payouts to over 190 countries worldwide.
- Instant Card Payouts
Rapyd supports instant card payouts 24/7/365, an essential feature for businesses that require fast, global disbursements.
- Experience:
Modulr is used by 300+ companies. Rapyd is trusted by over 250,000 merchants worldwide.
- Flexibility
Modulr can work with businesses across Europe and the UK. Rapyd can work with companies domiciled in over 70 countries worldwide, including comprehensive support for UK and European businesses.
Support More Businesses With Comprehensive Payments and Payouts On One Platform
Rapyd stands out in the fintech landscape with its expansive global reach and versatile service offerings, making it an ideal partner for businesses seeking to thrive in the international market. Our platform offers seamless integration and robust compliance and caters to diverse industry needs, simplifying complex financial operations for businesses worldwide.
With Rapyd, you can streamline payments, manage disbursements, create virtual accounts and better manage funds worldwide.
Rapyd is your global payments and payouts solution.
