Weavr, a plug-and-play financial solutions provider, has scored $40m for its Series A round, which was led by Tiger Global.
This round will help Weavr, which is headquartered in London, to expand internationally. Its first target is the US.
Capital from the round came from Mubadala Capital, QED Investors, Anthemis, Headline and Seedcamp. The Series A brings Weavr total funding over the past 18 months to $55m.
Weavr claims to be disrupting banking-as-a-service (BaaS) models through embedded financial services that are available to any business with a digital presence. It claims existing BaaS models have heavy cost, compliance and technical burdens.
Founded in 2019, Weavr preconfigures APIs into sophisticated, tailored embedded finance solutions clients deploy out of the box, removing the need of intensive integrations.
Its services provide a company everything they need to integrate financial services into mobile apps, SaaS applications and other digital properties.
Weavr co-founder and CEO Alex Mifsud said, ?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 digitising sectors such as health, education, logistics, HR-management and real estate to effortlessly incorporate sophisticated finance offerings in their existing properties.???
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