Image credits: Weavr
Weavr, a London-based embedded finance platform, announced that it has secured $40M (approx €35.2M) in a Series A round of funding led by Tiger Global.
Other investors, including Mubadala Capital, LocalGlobe’s growth stage Latitude fund, QED Investors, Anthemis, and Seedcamp, also participated in the round.
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Fund utilisation
The capital injection will enable Weavr to accelerate its international expansion plans in the US and continue growth in the UK and Europe. To date, the company has raised $55M (approx €48.5M) in funding.
“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,” says Alex Mifsud, co-founder and CEO of Weavr.
He continues “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.”
Weavr: What you need to know
Founded by Adrian Mizzi and Alex Mifsud in 2019, Weavr offers Plug-and-Play Finance solutions that enable any business to integrate any financial service wherever their customers need it.
With its solution, the company is disrupting the current Banking-as-a-Service (BaaS) model, which can serve only a limited audience due to heavy costs, compliance and technical burdens.
The UK company provides everything a business needs to integrate financial services into its mobile apps, SaaS applications and other digital properties.
Weavr says its Plug-and-Play model eliminates the cost and burden of multiple vendor relationships, simplify compliance and shortens the runway for integration.
Investor
Based out of New York, Tiger Global is an investment firm focused on private and public companies in the internet, software and financial technology sectors.
Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO.
Some of Tiger Global’s investments include JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, and more.
“Weavr has a clear vision for delivering frictionless embedded financial solutions that allow clients to focus on their core business,” says 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.”
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