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Modulr partners with Cogent Bank to expand US payments reach

Modulr partners with Cogent Bank to expand US payments reach

New Capabilities

London payments firm taps Florida bank to offer US businesses multiple payment rails

Yesterday: Modulr partners with Cogent Bank

Overview

Updated 1 hour ago

Modulr, a London-based payments automation platform, will offer US payment services through a partnership with Cogent Bank, a Florida state-chartered bank. The deal gives Modulr customers access to Automated Clearing House (ACH), real-time payments, and FedNow networks through one platform.

The US B2B payments market is worth more than $460 billion a year and forecast to roughly double over the decade. Real-time volumes are climbing fast: FedNow processed $853 billion in 2025, up nearly 24 times from 2024, while The Clearing House's real-time payments network moved over $1.3 trillion. Modulr is betting its UK-built infrastructure, with direct access to Faster Payments, Bacs, and CHAPS, translates to a US market still fragmented across multiple rails.

Why it matters

US businesses can now reach real-time, same-day, and batch payment rails through one platform, a capability fragmented US infrastructure has lacked.

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Key Indicators

$2.5B
Cogent Bank total assets
Up from $85 million at founding in 2018, a 30x increase.
$460B
US B2B payments market (2025)
Forecast to roughly double over the coming decade.
$853B
FedNow processing volume (2025)
Nearly 24 times the 2024 volume.
$1.3T
RTP network processing volume (2025)
The Clearing House's real-time payment rail.

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People Involved

Organizations Involved

Timeline

January 2018 September 2026

3 events Latest: Yesterday
  1. Modulr partners with Cogent Bank

    Latest Partnership

    Modulr partners with Cogent Bank for US payments access across ACH, RTP, and FedNow.

  2. Modulr launches in US through FIS partnership

    Expansion

    Modulr announces US launch, selected by FIS to provide technology for its Money Movement Hub.

  3. Cogent Bank founded in Florida

    Founding

    Cogent Bank starts operations as a state-chartered community bank in Florida.

Scenarios

1

Modulr's US platform scales beyond initial pilots

Possible Resolves by End of 2027

Discussed by: Modulr's stated plans to expand into earned wage access and payroll after initial pilots

The partnership starts with pilot customers in earned wage access, lending, and merchant services. If those pilots convert to scale, Modulr announces new named US customers and reports growing US payment volume, following the trajectory it established in the UK.

2

US expansion stays limited to pilot verticals

Possible Resolves by End of 2027

Discussed by: Observers noting slow real-time rail adoption among US mid-size businesses

The pilot customers in earned wage access, lending, and merchant services use the platform, but growth stalls. Modulr's US operation remains a small part of its overall business, with no expansion into new verticals or significant customer additions.

3

Modulr adds more US partners or gains direct scheme access

Possible Resolves by Q2 2028

Discussed by: Modulr's UK trajectory, where it gained direct access to all three major schemes after proving its model

Success with Cogent and FIS prompts additional bank partnerships or direct participation in US real-time rails. This mirrors Modulr's UK path, where it became the first non-bank with direct CHAPS access after years of building scheme participation.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

May 2008

Faster Payments transforms UK banking (2008)

The UK launched its Faster Payments service, enabling near-instant bank transfers for the first time. It took years for adoption to spread, but the rail eventually became the backbone of UK retail payments.

Then

Banks and fintechs built new services on the rail, including real-time payroll and account-to-account payments.

Now

The rail enabled a generation of UK fintechs, including Modulr, which now holds direct access alongside the UK's other major schemes.

Why this matters now

Shows the adoption trajectory real-time payment rails follow, and the market Modulr knows intimately as it expands to the US.

2016-2021

TransferWise (now Wise) expands from London to US (2016-2021)

TransferWise, a London-founded money transfer company, spent years obtaining US state and federal licenses and building banking relationships before gaining meaningful market share. It went public in 2021.

Then

The company secured US regulatory approvals, built partnerships, and grew its US customer base steadily.

Now

Established a template for UK fintechs entering the US market through phased licensing and partnerships rather than building from scratch.

Why this matters now

Offers a comparable example of a London fintech navigating US licensing and partnerships over multiple years.

July 2023

FedNow launches as US instant payment rail (2023)

The Federal Reserve launched FedNow, its instant payment rail, giving US banks and businesses a second real-time network alongside The Clearing House's RTP. By 2025, FedNow processed $853 billion, a near-24x jump from 2024.

Then

Banks and payment firms began integrating FedNow alongside RTP, creating competing real-time infrastructure.

Now

Two competing US real-time rails create the fragmented environment Modulr's platform aims to simplify.

Why this matters now

The rails Modulr's US customers will use are young and still scaling, leaving room for platforms that simplify access.

Sources

(4)