Banking and payments software startup Weavr has secured £7m in a seed funding round led by VC firm Headline.
The round also saw participation from Seedcamp, Anthemis and QED Investors. This seed funding round is an extension of the £3m seed capital raise in November last year.
Founded in 2019, Weavr enables companies to embed banking and payments into their mobile app or software-as-a-service platform.
The business offers a set of APIs that make it easier for service sector firms to integrate with banking products and generate accounts, transfer funds and issue cards. Weavr claims since its inception, it has signed up clients from industries ranging from education, health and wellness, real estate and the future of work.
The seed funding comes off the back of the company exceeding its growth targets for the first quarter of the year by 250%.
According to Weavr, it will use the capital to accelerate internalisation and product development.
Weavr CEO Alex Misfud said, “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.”
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