London-based fintech mmob has closed £5m in a seed round of funding. The embedded finance company raised investment from a group of angel investors, which included senior banking executives and high-net worth individuals.
The startup will use the funding to continue developing its technology, expand in the UK and enter new markets including Malaysia.
“With growth expected to increase from around £32bn in 2020 to over £100bn by 2026, embedded finance is one of the most exciting growth areas in fintech today,” said James Gossip, investor and former head of strategy, and COO for HSBC in Malaysia.
Founded in 2020 by Irfan Khan, mmob is an embedded finance platform which through its API allows banks and consumer-facing fintechs to quickly deploy digital products and services.
“Due to advances in technology and the wealth of data available, brands can responsibly respond to consumer demand and offer personalised options and attractive pricing for financial services,” said Khan.
Khan added: “However, ease of integration between providers is key to fueling the sector’s growth. This funding will enable us to further expand our operations in the UK and Malaysia, and establish ourselves as the de facto leader and number one choice for embedded financial services moving forward.”
mmob recently closed its pre-seed round in February and is partnered with PensionBee, iwoca, Cuckoo, Superscript, So-Sure, Anorak, and Uinsure.
mmob’s competitors includes London-based Weavr. Its funding round follows a bumper year for UK fintech investment, with companies raising $11.6bn in capital.
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