UK’s first embedded finance network mmob has announced that it has successfully closed a £5 million seed funding round. The investment came from a group of angel investors, including high net worth individuals and senior banking executives.
International expansion plans
mmob will use the proceeds of this round to advance the development of its technology platform, enter into international markets including Malaysia, and strengthen its leadership position within embedded finance.
“With growth expected to increase from around £32 billion in 2020 to over £100 billion by 2026, embedded finance is one of the most exciting growth areas in fintech today,” said James Gossip, investor and former Head of Strategy, and COO for HSBC in Malaysia. “The investment will enable mmob to further invest in its platform and team to help brands capitalise on the opportunity presented by embedded finance and become a prominent force in driving the sector’s growth,”
“Due to advances in technology and the wealth of data available, brands can responsibly respond to consumer demand and offer personalised options and attractive pricing for financial services,” said Irfan Khan, CEO, mmob. However, ease of integration between providers is key to fueling the sector’s growth. This funding will enable us to further expand our operations in the UK and Malaysia, and establish ourselves as the de facto leader and number one choice for embedded financial services moving forward.”
Embedded finance made easy
mmob was established in 2020 by founder and CEO Irfan Khan to deliver the onward journey of embedded finance to both financial and non-financial brands. He is a specialist in digital transformation and fintech.
The embedded finance network has been engineered to eliminate the complexity, time, and resources consumer-facing fintechs need to select and deploy partner-driven services. Through its API, brands can quickly and easily connect to mmob’s network of third-party partners (TPPs) and embed new services that drive customer engagement and retention.
With mmob’s embedded finance network, it is possible for clients to start delivering new embedded finance products and services that drive conversion natively within their own digital channels.
mmob empowers consumer-facing fintechs to supercharge their growth through the rapid integration and delivery of relevant products and services that meet their customers’ financial needs. Its close links to the banking sector have enabled it to execute and mobilise quickly. Since its inception, the company has built an impressive network of partners including PensionBee, iwoca, Cuckoo, Superscript, So-Sure, Anorak, and Uinsure.
How does mmob work?
Using its APIs, operators of banks and large fintechs can quickly and easily connect to mmob’s network of third-party partners with just one line of code and rapidly deploy complementary digital products and services for their customers.
With the consent-led data at their fingertips, brands can gain the insight needed to create seamless experiences that increase retention and service stickiness, while reducing the drop-off that typically accompanies less sophisticated user journeys. By connecting its commercial partners with third-party product providers and the consumer, mmob’s embedded finance network is focused on value delivery at its core through the deployment of end-to-end native onward journeys.
The mmob embedded finance platform is intuitive and easy to use. It lets users discover their partner ecosystem to find companies that align with their goals. Next, it lets them configure the same by seamlessly integrating brands into their infrastructure via a single line of code. Within two hours, mmob will let them embed their new partnerships into their ecosystem.
With this, it is time for users to reap the rewards and optimise their personal dashboard to track their performance and optimise integrations.