Embedded finance startup Weavr raises further £7 mn in seed funding

By Joy Dumasia

Weavr, a London-based startup that allows businesses to embed banking and payments into their mobile app or SaaS platforms, has closed a £7 million seed funding round led by Headline, with participation from a European seed-stage fund Seedcamp, Anthemis and FinTech-focused QED Investors.

The latest round is in addition to the £3 million seed funding secured by the London-based technology company last year. It will be used to drive its international expansion and product development.

Weavr allows businesses to embed banking and payments into their mobile app or SaaS platforms and has clients spanning industries such as health and wellness, education, real estate, and future of work, and includes service providers like Finway, Thanks Ben, MySkillCamp.

Alex Mifsud, co-founder and CEO of Weavr, says: “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, said: “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.”