Weavr, an embedded finance startup based out of London, has announced that it has raised a further £7 million in its latest seed funding round which is in addition to the £3 million that it had raised last year.
It is reported that the funding would be used for expansion and also the addition of new features and upgrades to the product. The platform helps various types of businesses to embed banking and payments into their mobile apps and other platforms and by making this easy, it hopes to convince the businesses to use more of their platform to process payments and other transactions.
The current round of investment was led by Headline along with Seedcamp, Anthemis, and other investors as well. With this, the company seems to have completed its seed funding round and the investors would now look towards the growth of the platform and see how it expands across the UK and other countries as the payment industry is expected to boom in the coming months.
Alex Mifsud, co-founder and CEO of Weavr, says: “As the world begins to look beyond the Covid-19 crisis and the possibilities stemming from lasting changes in consumer and business behavior, 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.”
Like with any financial startup, compliance and regulation would be key for Weavr as well. Ideas about in the financial services space but need to be regulated and authorized by the right regulators to ensure correct operation so that the clients would also have trust in the platform. This is something that the company seems to have borne well in its mind.
Michael Kent, a venture partner at Headline, said: “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.”
The use of the Weavr solution would be useful for businesses as they can quickly integrate banking and payment into their own platforms without the need to apply for specific approvals or buy any other specific software. With digital payments expected to be the way ahead for the payments industry, the company is likely to have a very good opportunity for growth and expansion.