UK banking-as-a-service (BaaS) fintech Weavr has secured a $40 million Series A funding round.
The Weavr executive team
The round was led by Tiger Global and saw participation from Mubadala Capital, LocalGlobe’s growth stage Latitude fund and previous Weavr backers QED Investors, Anthemis and Seedcamp.
The Series A marks the London-based company’s third funding round in 18 months, bringing its total funding to date to $55 million.
The cash will go towards Weavr’s international expansion plans, beginning with a US hiring spree and launch, and supporting growth in the UK and Europe.
Weavr’s BaaS model aims to make embedded financial services available to any business with a digital presence.
Unlike API-reliant BaaS solutions, which require time-intensive integrations, Weavr says its solution works straight out of the box.
The start-up claims its model eliminates the cost and burden of multiple vendor relationships, simplifies compliance and shortens the runway for integration.
As such, CEO Alex Mifsud says Weavr significantly shortens the time it takes to launch embedded finance solutions.
Mifsud says Weavr’s level of simplicity makes it possible for rapidly digitising sectors such as health, education, logistics, human resources and real estate to keep up and incorporate embedded finance offerings into their existing solutions.
“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,” Mifsud adds.
