Modulr names Jakub Zmuda to lead European business

Modulr has appointed Jakub Zmuda as managing director for Europe and chair of the management board of Modulr Finance B.V., its European subsidiary, as the payments automation company targets further regional expansion. The company said the move follows a recent period in which it reached profitability last year and launched in the US earlier this year.

Zmuda is currently director of strategy at Modulr Group. Modulr said he has more than 15 years of payments industry experience and was a founding member of the company in 2016, when he served as chief product officer.

Since joining Modulr, Zmuda has worked on strategic growth initiatives, including market entry and expansion, according to the company. In the Europe role, he will be responsible for regional growth, supported by investment in local staff and the company’s payments platform.

European subsidiary gains senior oversight

The appointment places Zmuda in a dual position: leading Modulr’s European business day to day and chairing the management board of Modulr Finance B.V. In such a structure, the European subsidiary provides the legal and operational base for the company’s activity in the region, while the management board role carries formal responsibility within that entity.

Modulr also pointed to the recent appointment of Mark Buitenhek as independent chair of the supervisory board of Modulr Finance B.V. The supervisory board role sits above management and is designed to provide independent oversight and governance for the subsidiary.

Buitenhek has more than 25 years of payments experience, according to Modulr. The company said he previously held global leadership positions at ING across payments and cash management, as well as transaction services.

Modulr said Buitenhek has also served on the boards of the European Payments Council, Mastercard Europe, Payconiq and SWIFT. As independent chair, he will support the company’s governance and its next phase of European growth, according to Modulr.

CEO cites profitability and US launch

Myles Stephenson, Modulr’s founder and chief executive, linked the appointments to the company’s broader expansion plans. “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,” Stephenson said.

He added that the appointments “strengthen our leadership and governance in Europe as we continue our growth in the region.”

Modulr describes itself as a payments automation platform. The company did not disclose financial terms, headcount figures, revenue data or specific European markets tied to the appointments.

This story draws on original reporting from Finextra Research.