Financial technology services provider Weavr has announced the completion of a $40 million Series A funding round to continue its global expansion project. According to the company, the aim is to disrupt the banking-as-a-service model.
The funding round was led by Tiger Global with participation from previous Weavr backers Seedcamp, Anthmis, and QED Investors. Other contributors include Latitude Fund and Mubadala Capital. Following the completion of the Series A funding round, Weavr hopes to expand its operations to the U.S.
The company has experienced speedy growth in its payment and banking solutions ever since it introduced the embedded platform in late 2021. The latest funding round is the highest amount Weavr has raised since it was launched. The company has now raised a total of $55 million from all its investment rounds. Weavr says the main goal is to expand its offerings and make its products visible to other global markets.
Weavr Provides A Plug-And-Play Approach To Financial Services Solutions
Partner at Tiger Global, Alex Cook, stated the company is excited to work with Weavr as it expands into other regions in the world. He stated that Weavr’s vision is to seamlessly embed financial solutions that will enable clients to concentrate on their main business.
Co-founder and Chief Executive Officer of Weavr, Alex Mifsud, also commented on the additional capital. He stated that the changing digital world requires an efficient provision of financial services that can be applied seamlessly. He added that in the past, companies like Amazon and Uber had to build their platform from scratch since they have no choice. This process always leads them to complex, highly costly, and time-consuming processes.
But digital integration through “Plug-and-Play Finance is the fastest, easiest, and most efficient way for businesses to accomplish this,” Mifsud added.
Weavr reduces the time required to roll out embedded financial solutions from several months or years to just a couple of weeks or days.
Weavr was established in 2019 as a provider of technology-driven solutions in the global financial sector. The firm stated that its goal is to help businesses grow through the integration of financial services.