back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

Weavr closes $40m Series A funding to accelerate expansion of Plug-and-Play Finance

By Joy Dumasia

February 23, 2022

  • API
  • API Banking
  • BaaS
Share

Weavr, a London-headquartered technology provider that enables businesses with Plug-and-Play financial solutions, announced the close of a $40 million Series A funding round led by Tiger Global. The company is disrupting the current banking-as-a-service (BaaS) model, which can serve only a limited audience because of its heavy costs, compliance and technical burdens, and long implementation times by making embedded financial services available to any business with a digital presence. The financing will support Weavr’s international expansion plans, beginning with an official U.S. market launch and including continued growth in the U.K. and Europe. 

Weavr has experienced fast adoption of its payment and banking solutions among various businesses and industries. This Series, which includes participation from Mubadala Capital, LocalGlobe’s growth stage Latitude fund and previous Weavr backers QED Investors, Anthemis and Seedcamp, marks the company’s third funding round in 18 months for a total of $55 million. Building on the strong momentum of client integration and overall company growth, Weavr is launching its strategic international expansion plans with business development and recruitment efforts in the U.S. market. 

Alex Mifsud, co-founder and CEO of Weavr, said: “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. 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 digitizing sectors such as health, education, logistics, HR-management and real estate to effortlessly incorporate sophisticated finance offerings in their existing properties.”  

Unlike traditional BaaS solutions, which offer a selection of APIs that require clients to invest in time-consuming and technically intensive integrations, Plug-and-Play Finance preconfigures APIs into sophisticated, tailored embedded finance solutions clients deploy out of the box without needing to master or even concern themselves with the back-end technology powering them. The Weavr platform provides everything a business needs to integrate financial services seamlessly into its mobile apps, SaaS applications and other digital properties. Weavr’s Plug-and-Play model eliminates the cost and burden of multiple vendor relationships, simplifies compliance, shortens the runway for integration and empowers businesses of all kinds to go to market swiftly and safely. 

Weavr’s solutions are also extensible, meaning that customers can add more financial services as their businesses grow and even add financial providers to power them in new geographies. Unlike other platforms, the Plug-and-Play technology is open to connecting to financial-services providers and vendors in multiple geographies across continents.  

Alex Cook, Partner, Tiger Global, said: “Weavr has a clear vision for delivering frictionless embedded financial solutions that allow clients to focus on their core business. We are excited to partner with Weavr as they embark on international expansion and continue to build the platform for developer-first financial services.”

Previous Article

February 23, 2022

EML launches a simple digital payout platform

Read More
Next Article

February 23, 2022

NCC Group partners with FinTech Scotland to enhance cyber resilience

Read More










IBSi Daily News Analysis

The Weekly Wrap

August 12, 2022

API

The Weekly Wrap: all you need to know by Friday COB | August 12th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

August 12, 2022

Synctera announced the appointment of Yvette Butler to its Board of Directors

Read More

August 12, 2022

Great Southern Bank drives digital transformation with Fiserv

Read More

August 12, 2022

ANZ New Zealand selects FIS’s modern banking platform

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022