Peanuds partners with Weavr to boost scalability for businesses

By Gloria Methri

Peanuds, which delivers a convenient financial application for digitally focused startups, freelancers, and SMBs, has announced a partnership with embedded finance provider Weavr.

Peanuds combines payments, such as money transfers and cards, with a team-based spend-management platform. Together, they allow clients to set up user profiles with custom roles and permissions and assign dedicated payment cards, with analytics to track usage.

Weavr enables Peanuds with all the financial infrastructure required, including virtual IBAN, physical and virtual cards, and multiple currency support. It builds on the Weavr solution through an intuitive interface and various spend management features, which allow its clients to scale their businesses and manage their finances as quickly and effectively as possible.

Peanuds initially focuses on digitally minded small businesses in Cyprus, Malta, and Portugal. Although its initial target market is Cyprus, the platform can be used by companies across Europe.

Sporting a fully modular architecture that connects to various financial service providers, Peanuds meets the needs of different user types through a single platform and brand. The goal is to give users access to multiple accounts and services under one login, envisioning a financial super app enabled by embedded finance. Weavr’s embedded finance platform, as well as its Open Banking framework, provides the technical infrastructure to make this happen, forming a central part of Peanuds’ platform.

Speaking on the new partnership, Florian Reike, co-founder of Peanuds, said, “We are super happy to collaborate with Weavr. Their top-notch technology and guidance allow us to deploy new capabilities and features in a speedy and agile manner. This product would not be possible without embedded finance. After extensive research, Weavr was clearly the best partner for us to launch with for our target market.”

Alex Mifsud, Co-founder and CEO of Weavr added, “Peanuds’ comprehensive suite of payment functions, combined with our embeddable financial solutions, showcases the true potential of embedded finance, particularly in the supplier finance realm. We are excited to support Peanuds in solidifying its position as a finance platform tailored specifically for a currently underserved target market. We look forward to the positive impact this partnership will have on its users and the broader market.”