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Weavr announces its launch into Singapore

By Leandra Monteiro

November 02, 2022

  • Banking-as-a-Service
  • Digital Transformation
  • Embedded Finance

 WeavrWeavr, a London-based technology provider that empowers businesses with plug-and-play embedded finance solutions, is announcing its launch in Singapore.

Backed by a $40m Series A round, led by American investment firm Tiger Global, the official launch of Weavr in Singapore signals the firm’s continued global expansion.

With rising economic uncertainty, inflation rates at decade highs, and escalating geopolitical tensions, companies are looking to reorient their business models to become more resilient. Applications like these that embed financial services intelligently can provide customers with unparalleled convenience and ease of use, thus enhancing the customer experience and building loyalty. With Weavr’s radically simplified model, Plug-and-Play Finance, digital businesses can launch and monetise financial services quickly and efficiently, and at a fraction of the cost of the traditional Banking-as-a-Service (BaaS) model.

Making the announcement at Web Summit in Lisbon, Alex Mifsud, Weavr’s CEO and co-founder, said, “We’re excited to announce Weavr’s Singapore launch here at Web Summit. Further to our European expansion, we will now enable businesses in Singapore and the region to seamlessly and efficiently integrate financial services wherever their customers need them.”

Alex continued, “We see few better opportunities for deploying a significant portion of the US$40m of capital we raised earlier this year to bring the benefits of embedded finance to digital innovators and ultimately to their customers in the region. Having raised a total capital of US$55m and onboarded 1000+ clients since our inception in 2019, Weavr is on an upward trajectory to help businesses unlock their full potential.”

Aligned with the Financial Services Industry Transformation Map (ITM) 2025 announced in September 2022 by the Monetary Authority of Singapore (MAS), Weavr’s entry into Singapore comes amid an innovation drive powered by embedded finance, which will in turn enable the redefining of business models for greater resilience.

This availability of simple solutions to deploy financial services will further enable businesses in Singapore to drive innovation and create more value for all stakeholders. Singapore is well-positioned as a hub for digital and financial innovation in the region and a natural first stop on Weavr’s mission to help online businesses and SMEs radically innovate through the simplicity of their embedded financial solution.

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