Weavr Closes $40M Series A Funding to Accelerate Plug-and-Play Funding Expansion
LONDON–(BUSINESS WIRE)–Weavera London-based technology provider that offers plug-and-play financial solutions to businesses, today announced the closing of a $40 million Series A funding round led by world tiger. The company is disrupting the current banking-as-a-service (BaaS) model – which can only serve a limited audience due to its high costs, compliance and technical burdens as well as long implementation times – making integrated financial services available to any business with a digital presence. The funding will support Weavr’s international expansion plans, beginning with an official launch in the US market.
Since introducing its integrated finance platform in late 2020, Weavr has seen rapid adoption of its payment and banking solutions by a range of businesses and industries. The round, which includes participation from Mubadala Capital, LocalGlobe’s growth-stage Latitude fund and previous Weavr backers QED Investors Anthemis and Seedcamp, marks the company’s third funding round in 18 months for a total of $55 million. Building on the company’s strong customer onboarding and overall growth momentum, Weavr is launching its strategic plans for international expansion with business development and recruiting efforts in the US market.
“We believe that an increasingly digital world works best when financial services are delivered seamlessly within digital applications. Plug-and-play financing is the fastest, easiest and most effective for businesses to achieve this,” said Alex Mifsud, co-founder and CEO. by Weaver. “In the past, industry disruptors, like Uber and Amazon, had no choice but to build their financial integrations from scratch in what was an expensive, complex and time-consuming process. Weavr reduces the time launch of integrated financial solutions from months or even years to weeks or even days, while eliminating the hassle of managing compliance and data security. Mifsud continued: “This level of simplicity enables rapidly digitizing sectors such as healthcare, education, logistics, human resource management and real estate to effortlessly integrate sophisticated financial offerings into their existing properties.”
Unlike traditional BaaS solutions, which offer a selection of APIs that require customers to invest in time-consuming and technically intensive integrations, Plug-and-Play Finance pre-configures APIs into sophisticated, custom-built integrated financial solutions that customers immediately deploy without need to understand – or even care about – the back-end technology that powers them. The Weavr platform provides everything a business needs to seamlessly integrate financial services into their mobile apps, SaaS apps, and other digital properties. Weavr’s plug-and-play model eliminates the cost and burden of dealing with multiple vendors, simplifies compliance, shortens the integration trail, and enables businesses of all kinds to get to market quickly and securely.
Weavr’s solutions are also scalable, meaning customers can add more financial services as their business grows, and even add financial providers to propel them into new geographies. Unlike other platforms, Plug-and-Play technology is open to connect to financial service providers and sellers in multiple geographies across continents.
“Weavr has a clear vision to deliver frictionless, integrated 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 financial services for developers.”
What Weavr customers say
“When we were looking for an integrated finance provider, we weren’t just buying a service. Instead, we were looking for a partner we could work with long term. Along with issuing physical and virtual cards, we loved Weavr’s vision for what we can do about the product in the future. We were already thinking about other products, so it was important that Weavr think the same and not limit ourselves to the current offer. This partnership was very important for our sustained growth. – Csaba Kruemmerco-founder and managing director, fin
“Our goal was to create a super agile, innovative and secure application. But we needed to find the right mix of trusted partners that gave us the freedom to design and deliver winning payment propositions to our members and customers with unparalleled speed. Weavr was the first to really grasp what we wanted to achieve and quickly partnered with us. Their model was the most suitable to be selected as the cornerstone of our project and they worked tirelessly to deliver a world class solution. – James SenePresident, 11Eleven
“With Weavr’s pre-approved payment models, their time to market is unbeatable. Coupled with the quality of support we received and the flexibility of the solution, for a young company needing to release a product quickly, there is no better solution in the UK. – Sebastien FallertCEO and Co-Founder, Thank you Ben
Weavr is the leading open, integrated finance platform for the digital economy. Founded in 2019, Weavr’s mission is to enable any business to integrate any financial service wherever its customers need it. The company is backed by Tiger Global, QED Investors, Anthemis, Mubadala, Latitude, Headline, Seedcamp, Force Over Mass Capital and UFP Fintech. Weavr has been honored with various fintech industry awards and rankings, including BusinessCloud ’50 Most Innovative UK Financial Technology Firms’ in October 2021. Weavr is headquartered in London. For more information, please visit www.weavr.io.
About Tiger Global:
Tiger Global is an investment firm focused on private and public companies in the internet, software and fintech sectors. Since 2001, Tiger Global has invested in hundreds of companies in over 30 countries, including investments ranging from Series A to pre-IPO. The company aims to partner with dynamic entrepreneurs operating market-leading businesses in its core focus areas. Tiger Global’s investments include JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, Attentive, LinkedIn, Flipkart and Toast.