London-headquartered financial technology (fintech) services provider, Weavr has raised $40 million in its latest funding round for global expansion. The company aims to disrupt the banking-as-a-service model (BaaS).
Led by Tiger Global, the $40 million investment round saw participation from Mubadala Capital, LocalGlobe’s growth stage Latitude fund, and previous Weavr backers QED Investors, Anthemis and Seedcamp.
With the closure of the Series A round, Weavr is now eyeing an official launch in the US. The fintech company introduced its embedded finance platform in late 2020, and since then it has experienced rapid adoption of payment and banking solutions.
In its three funding rounds during the last 18 months, Weavr has raised a total of $55 million.
"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, the 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.”
Technology
Backed by some of the biggest venture capital firms, Weavr offers technology-driven solutions in the global financial sector. Founded in 2019, the company highlighted its mission to facilitate businesses through the integration of financial services.
“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.”
Amid a jump in global fintech funding, business banking services provider, Found recently raised $60 million.
