A London-headquartered technology company behind plug-and-play financial solutions has raised almost £30 million in funding.
Weavr plans to launch in the United States as part of its international expansion following the Series A funding round led by Tiger Global.
The company says it is disrupting the current banking-as-a-service model – which can serve only a limited audience because of its heavy costs, compliance and technical burdens as well as long implementation times – by making embedded financial services available to any business with a digital presence.
The funding, its third round in 18 months for a total of $55m, includes participation from Mubadala Capital, LocalGlobe’s growth stage Latitude fund and previous Weavr backers QED Investors, Anthemis and Seedcamp.
“We believe an increasingly digital world works better when financial services are provided seamlessly within digital applications. Plug-and-Play Finance is the fastest, easiest and most efficient way for businesses to accomplish this,” said Alex Mifsud, co-founder and CEO.
“In the past, industry disruptors, like Uber and Amazon, had no choice but to build their finance integrations from the ground up in what was a costly, complex and time-consuming process.
“Weavr shortens the time to launch embedded financial solutions from many months, or years, down to weeks or even days, while eliminating the hassle of managing compliance and data security.
“This level of simplicity makes it possible for rapidly digitising sectors such as health, education, logistics, HR management and real estate to effortlessly incorporate sophisticated finance offerings in their existing properties.”
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The Weavr platform claims to provide everything a business needs to integrate financial services seamlessly into its mobile apps, SaaS applications and other digital properties.
Customers can add more financial services as their businesses grow, and even add financial providers to power them in new geographies.
“Weavr has a clear vision for delivering frictionless embedded financial solutions that allow clients to focus on their core business,” said Alex Cook, partner, Tiger Global.
“We are excited to partner with Weavr as they embark on international expansion and continue to build the platform for developer-first financial services.”