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
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