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Era of Plug-and-Play Finance: BaaS disruptor Weavr secures $40M for international expansion

Earlier, industry disruptors such as Uber and Amazon had to build their finance integrations from scratch. This was a costly, complex and time-consuming process.

London-based Weavr is an open platform for embedded finance for the digital economy. It shortens the time to launch embedded financial solutions from months, or years, to weeks or even days. Also, it eliminates the hassle of managing compliance and data security.

International expansion plans

Now, the company has raised a $40 million Series A funding round led by Tiger Global that invested in Flutterwave, RareCircle and others. Also, there is participation from Mubadala Capital, LocalGlobe’s growth stage Latitude fund and previous backers QED Investors, Anthemis and Seedcamp. With this funding round, the total funding raised by Weavr is now $55 million.

The funding will support Weavr’s international expansion plans starting with an official launch in the US and including continued growth in the UK and Europe. This strategic international expansion plans is accompanied by business development and recruitment efforts in the US market.

“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,” said Alex Mifsud, co-founder and CEO of Weavr.

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

Customised Plug-and-Play model

Weavr enables businesses with Plug-and-Play financial solutions. Traditional BaaS (banking-as-a-service), which offer a selection of APIs that require clients to invest in time-consuming and technically intensive integrations. Unlike this, Plug-and-Play Finance preconfigures APIs into sophisticated, tailored embedded finance solutions. These are deployed without any idea about 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 Plug-and-Play Finance will support all industries with digital growth focusing on health, education, logistics, real estate and HR.

Furthermore, the Plug-and-Play technology is open to connect to financial-services providers and vendors in multiple geographies across continents. Customers using its Plug-and-Play financial services can pick a package based on their needs and seamlessly embed the same into their application. There is an ability to create unlimited solutions tailor-made to business needs.

Weavr products!

Founded by Alex Mifsud and Adrian Mizzi in 2019, Weavr’s mission is to enable any business to integrate any financial service anywhere its customers need it. The company has been recognised with various fintech industry awards and rankings.

The company offers three products – Mono, Multi and Meta. Firstly, Mono is a bank for businesses and issues API-first cards and IBNs for businesses. Next, Multi is a bank for customers that issues cards and IBNs for customers via API. The other product – Meta issues lets create your own bank by deploying embedded banking products.

Users can get started with a free account in minutes and swiftly integrate Weavr into a product or application. For the Pro variant of Multi, users have to pay £947 per month.

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