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Weavr closes 40m in Series A funding

Weavr, a London-headquartered technology provider that enables businesses with Plug-and-Play financial solutions, today announced the close of a $40 million Series A funding round led by Tiger Global. The company is disrupting the current banking-as-a-service (BaaS) model — which can serve only a limited audience because of its heavy costs, compliance and technical burdens as well as long implementation times — by making embedded financial services available to any business with a digital presence. The financing will support Weavr’s international expansion plans, beginning with an official U.S. market launch. 

Since introducing its embedded finance platform in late 2020, Weavr has experienced fast adoption of its payment and banking solutions among a range of businesses and industries. This series, which includes participation from Mubadala Capital, LocalGlobe’s growth stage Latitude fund and previous Weavr backers QED Investors, Anthemis, Headline and Seedcamp, marks the company’s third funding round in 18 months for a total of $55 million. Building on the strong momentum of client integration and overall company growth, Weavr is launching its strategic international expansion plans with business development and recruitment efforts in the U.S. market. 

“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,” said Alex Mifsud, co-founder and CEO of Weavr. “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.” Mifsud continued, “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.”   

Unlike traditional BaaS solutions, which offer a selection of APIs that require clients to invest in time-consuming and technically intensive integrations, Plug-and-Play Finance preconfigures APIs into sophisticated, tailored embedded finance solutions clients deploy out of the box without needing to master—or even concern themselves with—the back-end technology powering them. The Weavr platform provides everything a business needs to integrate financial services seamlessly into its mobile apps, SaaS applications and other digital properties. Weavr’s 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. 

Weavr’s solutions are also extensible, meaning that customers can add more financial services as their businesses grow, and even add financial providers to power them in new geographies. Unlike other platforms, the Plug-and-Play technology is open to connect to financial-services providers and vendors in multiple geographies across continents.  

“Weavr has a clear vision for delivering frictionless embedded financial solutions that allow clients to focus on their core business,” said 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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