Embedded finance network mmob has closed a £5 million seed round.
The London startup aims to empower consumer-facing FinTechs to supercharge growth through the rapid integration and delivery of relevant products and services that meet their customers’ financial needs.
Since inception in 2020, the company has built an impressive network of partners including PensionBee, iwoca, Cuckoo, Superscript, So-Sure, Anorak and Uinsure.
The investment was raised from a group of angel investors including high net-worth individuals and senior banking executives.
“Due to advances in technology and the wealth of data available, brands can responsibly respond to consumer demand and offer personalised options and attractive pricing for financial services,” said Irfan Khan, founder and CEO.
“However, ease of integration between providers is key to fueling the sector’s growth.
“This funding will enable us to further expand our operations in the UK and Malaysia, and establish ourselves as the de facto leader and number one choice for embedded financial services moving forward.”
James Gossip, investor and former head of strategy/COO for HSBC in Malaysia, added: “With growth expected to increase from around £32 billion in 2020 to over £100 billion by 2026, embedded finance is one of the most exciting growth areas in FinTech today.”