Modulr appoints Jakub Zmuda & Mark Buitenhek for Europe

Modulr has appointed Jakub Zmuda as Managing Director for Europe and Mark Buitenhek as Independent Chair of the Supervisory Board of Modulr Finance B.V. as the payments company expands in Europe.

Zmuda, a founding team member, is currently Group Director of Strategy. He joined the business as Chief Product Officer in 2016 and has since worked on product development, market entry, and expansion.

In his new role, he will also become Chair of the Management Board of Modulr Finance B.V., the company's European subsidiary, placing a long-serving internal executive at the centre of its regional operations.

Buitenhek brings more than 25 years of experience in payments and transaction banking. He previously held senior leadership roles at ING across payments, cash management, and transaction services.

His board experience includes positions at the European Payments Council, Mastercard Europe, Payconiq, and SWIFT. At Modulr Finance B.V., he will serve as Independent Chair of the Supervisory Board.

European push

The leadership changes follow a period of growth for Modulr, which reached profitability last year and launched operations in the United States earlier this year. The company is now focusing on its European business.

That expansion is being supported by investment in local talent and infrastructure, with Zmuda expected to lead the effort across the region.

Modulr operates as a regulated electronic money institution in both the UK and Europe. In Europe, its regulated entity is supervised by De Nederlandsche Bank.

The company provides payment services for businesses, including payroll, supplier payments, spend management, foreign exchange, and payment collection. It processes more than 200 million transactions and over GBP £180 billion in payment value on an annualised basis.

Modulr also serves more than 6,000 businesses, from small and medium-sized companies to larger multinational groups. Its customers include firms using its services through a partnership with FIS.

Leadership background

Zmuda has spent more than 15 years in the payments industry. At Modulr, he has worked on strategic growth initiatives and entry into new markets.

Buitenhek joins at a time when financial technology companies face closer scrutiny over control frameworks and cross-border operations, adding external governance experience and longstanding ties to European payments institutions.

Myles Stephenson, Founder and CEO of Modulr, commented on the company's position as it builds its European business.

"Following a strong financial period for Modulr, including reaching profitability last year and launching in the US earlier this year, our sights are set on further growth and building a platform that scales across Europe. These appointments strengthen our leadership and governance in Europe as we continue our growth in the region," said Stephenson.

The appointments give Modulr a combination of internal operational leadership and external board oversight in its European subsidiary. They also mark a further step in the company's effort to broaden its presence beyond its UK base while expanding its regulated business across multiple markets.