Bitstocks Sees Bumper Surge in Transaction Volumes, Powered by Modulr
- 03.02.2021 04:00 pm
Bitstocks, the London-based fintech scale-up, has seen monthly transaction volumes increase on its Gravity platform by nearly 14% on average month-on-month since partnering with Payments-as-a-Service FinTech Modulr. The average deposit on the Gravity platform is now £3,300 per user.
Prior to partnering with Modulr as an EMD Agent in August 2020, Bitstocks saw modest increases in transaction volumes, with a monthly average increase of just over 1%. Since then, monthly transaction volumes have increased sevenfold, increasing by 50% in November and more than a third (37%) in December last year. The Gravity platform now has over £5m assets under management.
The uptick in transaction volumes was buoyed both by the price surge in the Bitcoin market towards the end of 2020, and the seamless integration with the Faster Payments Scheme and SEPA Bitstocks gained through the Modulr platform. This enabled Bitstocks’ users to deposit into their investment accounts to buy and sell Bitcoin.
Harnessing the power of the Modulr platform, Bitstocks has put payments at the heart of its Gravity ecosystem; eliminating process inefficiencies and ensuring the way its users make payments is a secure, reliable and frictionless experience.
Michael Hudson, CEO of Bitstocks, said: “We had identified that Bitstocks needed a fast and smart banking partner for our Gravity platform. From the very beginning, we’ve always taken compliance and regulation incredibly seriously. Our relationship with Modulr has given us more stability, continuity and credibility, and we’ve been able to build real momentum as a result. We’re actively embracing transparency, and with Modulr’s support, building the financial infrastructure of tomorrow, today.”
Myles Stephenson, CEO of Modulr, commented: “We have an affinity with Bitstocks. It was similar frustrations with payments inefficiencies that inspired us to build the efficient, reliable and robust payments platform that underpins the innovative Bitstocks solution today. The significant increases in transaction volumes are testament to the power of efficient payments processes. We look forward to collaborating with Bitstocks to drive further developments in their Gravity ecosystem.”
Bitstocks has leveraged Modulr’s direct participation in the Faster Payments scheme and its direct relationship with the Bank of England to get a packaged and regulated service. With Modulr’s fiat payments plumbing behind the scenes, users of Bitstocks’ Gravity platform can enjoy a frictionless front-end experience and first-class UI for buying and selling Bitcoin. Fiat and crypto can be switched instantly and easily, with unrestricted deposits and withdrawals.
Modulr provides access to fiat payment systems and eMoney accounts. Modulr does not offer access to cryptocurrencies.