Weavr, a London-based technology company that allows businesses to embed banking and payments into their mobile app or SaaS platforms, announced today the closing of £7m in seed funding. The round was led by global firm Headline (formerly e.ventures) with participation from European seed-stage fund, Seedcamp, industry-expert Anthemis, and fintech-focused QED Investors.
The funding comes as Weavr exceeded its Q1 growth targets by 250% and will be used to accelerate international growth and product development. It is an extension to the £3m of seed capital raised late last year. With intuitive APIs and built-in compliance models, Weavr’s customers are able to design, build and run their own in-app financial services in a matter of days. This is in stark contrast to the time and resource-intensive solutions currently on the market.
Alex Mifsud, co-founder and CEO of Weavr, said: “The need for simple and accessible tools to integrate banking in everyday products and services is urgent. As the world begins to look beyond the COVID-19 crisis and the possibilities stemming from lasting changes in consumer and business behaviour, embedded banking offers extraordinary potential for the future of work, the move away from cash, and the integration of financial services into all manners of digital businesses.”
Since its inception in 2019, Weavr has focused on enabling non-financial applications to deliver financial products alongside their core offering. Current clients span a variety of industries such as health and wellness, education, real estate, and future of work and include service providers like Finway, Thanks Ben, MySkillCamp, and more.
Weavr offers endless possibilities for businesses to improve the way they serve their customers, for example allowing a grocery delivery app to offer digital wallets to their riders for direct tipping or provide cashback to their customers. Healthcare providers can organise all the payments connected with a course of treatment to be made to a dedicated account and then automate payments to clinicians, labs, and facilities involved. What’s more, a fitness app can become the means for sports brands or insurers to reward active lifestyles.
Michael Kent, Venture Partner at Headline, said: “Weavr is empowering businesses of all sizes realise the full potential of digital banking. With compliance at the heart of the platform, Weavr is drastically reducing the risk and financial commitment required to launch and scale embedded banking solutions. We see tremendous opportunity for the company to redefine digital banking for the service sector.”
German expense and budget management start up, Finway, leverages Weavr for accounting and invoice automation. Csaba Krümmer, Co-Founder and Managing Director, said: “Embedded banking is core to our solution, so finding a partner that could deliver excellent banking services was not just important, it was crucial to our success.
“Combined with a need to get to market quickly without sacrificing quality, we knew it was going to take the right partnership to make our vision of Finway a reality. We assessed all providers in the market extensively, and Weavr was the clear winner.
“We asked them to help us go live as fast as humanly possible – and just four weeks later, we are processing live transactions with all the capabilities we need. Their speed to market, world-class tech, and a team of experts are something that we couldn’t find anywhere else in the industry.”
Looking ahead, Weavr will continue to build on the early validation of its unique approach to set a new standard for speed and simplicity in deploying embedded banking solutions.
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