August 17, 2023
3
MIN READ

Cledara Announces New Partnership with Modulr

Cledara News

Cledara adds exciting new product features to the product roadmap and reaches new countries across Europe following a new banking partnership with Modulr

by
Cristina Vila

​​First and foremost, we would like to sincerely apologize if you were affected by the recent disruptions caused by our previous partner, UAB PayrNet. We appreciate the trust you place in Cledara, and we have taken significant steps to make sure you can continue to rely on us to run your business. Today, I’m excited to announce our new partner, Modulr. By joining forces with Modulr we are resuming our services for European customers and strengthening our platform globally.

The Situation

About six weeks ago, our BaaS partner for Europe, UAB PayrNet, had their license revoked by their regulator on the grounds of regulatory compliance failures. These failures were unrelated to Cledara, yet the decision halted our payments functionality and temporarily made any Euro funds held with Cledara inaccessible. We understand the magnitude of disruption that this will have caused many European customers and thank them for their patience throughout this period.

The Path Forward

Today, we welcome Modulr as Cledara’s new European BaaS partner. With this news, we mark the first step in restoring our services for our European customers and creating a stronger global platform.

Why Modulr?

Beyond their impressive suite of features, which will undeniably enhance our offerings, their commitment to stringent compliance standards has stood out. Regulated by the  Dutch National Bank, a leading European Regulator; backed by  industry giants such as PayPal, FIS, and General Atlantic; and led by a governance team that boasts of seasoned industry professionals, Modulr is the strongest possible partner for Cledara going forward.

Cledara’s future with Modulr is bright. Their more advanced feature set and extensive product roadmap means some exciting new features are coming, including direct debit to automatically load your Cledara account, outbound international SWIFT payments so you can pay your SaaS invoices from SaaS vendors located internationally and USD accounts and cards by Q1 2024.

Our Assurance to You:

1. Stronger Regulatory Oversight

With Modulr being regulated by the Dutch National Bank (De Nederlandsche Bank), you can be assured of stability and reduced risk of abrupt regulatory decisions.

2. Robust Investment & Governance

The backing from industry leaders and a governance team with a proven track record ensures Modulr's commitment to excellence.

3. Experience & Credibility

Since its inception in 2015, Modulr has successfully served renowned clients like Revolut, Sage, Ripple, and more, without disruption.

4. Our Unwavering Commitment to Compliance

At Cledara, we prioritize compliance. Our team of experienced professionals manage our compliance operations to the highest standards and we have annual external audits validate that.

Furthermore, to further bolster our autonomy and risk management, we have initiated the process to obtain our own UK and European licenses. This move will enhance our control, ensuring that our business remains resilient to external factors. Discussions with regulators and industry leaders, Visa and Mastercard, have already commenced. 

In Conclusion

Challenges often pave the way for innovation and growth. Today, Cledara is one of the largest SaaS purchasing and management platforms in the world, managing more than 55,000 SaaS purchases and renewals every quarter. This incident, though unplanned, has reaffirmed our commitment to you, has pushed us to further enhance our offerings and strengthen our platform for the future.

I am confident that our partnership with Modulr will improve your experience with Cledara. We deeply value your trust and patience during these times and are dedicated to continually serving you better.

Thank you and I look forward to a promising journey ahead.

Cristina Vila

CEO & Co-Founder

Contents

Contents

The software management solution for finance teams.

Learn more

Subscribe to our newsletter

Receive the latest insights in your inbox

Cristina Vila

Cristina is the Founder and CEO of Cledara, the platform that simplifies your relationship with software at work by helping you discover, buy, manage and cancel software apps. Cristina is an entrepreneur at heart, a dreamer and a doer and is listed by Forbes as one of the business leaders changing the world for the work she’s doing with Cledara.

Share this post

Subscribe to our newsletter and stay informed on the latest SaaS insights

Explore more

Explore more

Cledara Sponsors Val d'Aran 2024 by UTMB

This prestigious event, taking place from July 3 to 7, 2024, in the stunning Pyrenees, is a highlight in the world of mountain ultramarathons.
Read more

New naming rights partnership agreed, The Cledara Abbey Stadium announced

Cledara enters into a five-year sponsorship agreement with Cambridge United, which will see the football club’s Abbey Stadium renamed The Cledara Abbey Stadium.
Read more

Announcing Cledara's Free Software Management Package for Finance Teams

We’re excited to announce that you can now use Cledara’s platform for free as well as changes to our paid packages and cashback available.
Read more

Announcing Onboarding, Your control center for software access

Cledara's Software Management platform just got a major upgrade. With Onboarding, now you can manage access to every tool, streamline workflows, and improve compliance—all from one central platform. No more fragmented systems, manual processes, or visibility gaps.
Read more

Announcing Benchmarks & Copilot: Your AI-Powered Software Procurement Expert

Cledara is proud to introduce two transformative features: SaaS pricing benchmarks and the world’s first AI-powered SaaS Procurement Copilot. These innovative additions place expert software procurement capabilities into the hands of every team.
Read more

What's New Discover Spend Insights, Team Budgets & More

Discover Cledara’s new features like actionable software spend insights, team budgets, OKTA SSO & more.
Read more

SaaStock Barcelona September: Sales Effectiveness and Fundraising

Here's a recap of our latest event for founders in sunny Barcelona.
Read more

Cledara Product Updates: August 2022

Check out our latest product updates!
Read more

Cledara’s 4th Anniversary

Discover how we celebrated an incredible milestone with the entire team.
Read more

Cledara Product Updates: July 2022

Here’s a summary of our latest product updates. Enjoy!
Read more

Cledara talks with Ultra-Trail du Mont-Blanc founders

What does it take to organize the world’s best trail runs? We sat down with the Ultra-Trail du Mont-Blanc (UTMB®) founders to find out.
Read more

The 45 Hottest Startups in the Netherlands

From Crisp and Bots to TestGorilla and Lightyear, the Netherlands hosts an eclectic and exciting group of startups. We’ve pulled together the ones to watch in 2022 and beyond.
Read more

SaaStr Europa 2022 Recap

Check out highlights from our time last week at Europe’s largest SaaS event.
Read more

Customer Success at a Fast-Growing Startup

The following blog is written by Marta and Katie, our newly formed Customer Success team that has quickly transformed how we engage with our wonderful customers.
Read more