Weavr, a London-based technology company that allows businesses to embed banking and payments into their mobile app or SaaS platforms, has raised £7 million in seed funding.
The round was led by global firm Headline (formerly e.ventures) with participation from European seed-stage fund, Seedcamp, industry-expert Anthemis, and fintech-focused QED Investors.
The funding comes as Weavr exceeded its Q1 growth targets by 250% and will be used to accelerate internationalisation and product development. It is an extension to the £3m of seed capital raised late last year.
With intuitive APIs and built-in compliance models, Weavr’s customers are able to design, build and run their own in-app financial services in a matter of days. This is in stark contrast to the time and resource-intensive solutions currently on the market.
Since its inception in 2019, Weavr has focused on enabling non-financial applications to deliver financial products alongside their core offering. Current clients span a variety of industries such as health and wellness, education, real estate, and future of work and include service providers like Finway, Thanks Ben and MySkillCamp.
“The need for simple and accessible tools to integrate banking in everyday products and services is urgent,” said Alex Mifsud, co-founder and CEO of Weavr.
“As the world begins to look beyond the COVID-19 crisis and the possibilities stemming from lasting changes in consumer and business behaviour, embedded banking offers extraordinary potential for the future of work, the move away from cash, and the integration of financial services into all manners of digital businesses.”
Michael Kent, Venture Partner at Headline, added: “Weavr is empowering businesses of all sizes realise the full potential of digital banking.
“With compliance at the heart of the platform, Weavr is drastically reducing the risk and financial commitment required to launch and scale embedded banking solutions.
“We see tremendous opportunity for the company to redefine digital banking for the service sector.”