A London-based technology provider that offers companies plug-and-play financial solutions, Weavr has raised $40 million in funding. The Series A round was led by Tiger Global with participation from QED Investors, Anthemis, Mubadala, Latitude, Headline, Seedcamp, Force Over Mass Capital and UFP Fintech.
The startup will use the new capital to support international expansion plans, starting with an official launch in the US market. The funding also marks the company’s third funding round in 18 months for a total of $55 million.
Disrupting the current banking-as-a-service (BaaS) model, the platform provides everything a business needs to integrate financial services seamlessly into its mobile apps, SaaS apps, and other digital properties. The plug-and-play model eliminates the cost and burden of dealing with multiple vendors, simplifies compliance, shortens the integration trail, and enables businesses of all kinds to get to market quickly and securely.
Alex Mifsud, co-founder and CEO of Weavr, said: “In the past, industry disruptors like Uber and Amazon had no choice but to build their financial integrations from scratch in this which was an expensive, complex and time-consuming process. . Weavr reduces the time to launch integrated financial solutions from months or even years to weeks or even days, while eliminating the hassle of managing compliance and data security. This level of simplicity allows fast-digitizing industries such as healthcare, education, logistics, human resource management, and real estate to effortlessly integrate sophisticated financial offerings into their existing properties. »