London-based technology provider that enables businesses with 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, beginning with an official U.S. market launch. The funding also marks the company’s third 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 applications and other digital properties. The 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.
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 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 digitizing sectors such as health, education, logistics, HR-management and real estate to effortlessly incorporate sophisticated finance offerings in their existing properties.”