London-based fintech startup Weavr has raised $40m (£29.5m) in a Series A funding led by Tiger Global to launch its embedded banking service in the US and continue its expansion in Europe.
Founded in 2019, Weavr provides “plug-and-play” tools for businesses to integrate financial services – such as commercial payments or business payouts – into their existing software applications.
Mubadala Capital and LocalGlobe also provided capital, along with previous Weavr backers QED Investors, Anthemis and Seedcamp.
The Series A is Weavr’s third funding round in 18 months. It brings the fintech company’s total funding to $55m.
“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,” said Alex Mifsud, co-founder and CEO of Weavr.
“Weavr shortens the time to launch embedded financial solutions from many months, or years, down to weeks or even days, while eliminating the hassle of managing compliance and data security.”
Weavr is aiming to take a slice of an embedded finance market forecasted to be worth $138bn by 2026.
Embedded finance companies such as Weavr provide ‘off-the-shelf’ financial applications so that businesses don’t have to build them from scratch. They are usually integrated via application programme interfaces (APIs).
Tiger Global is an investment firm that focuses on internet, software and financial technology sectors ranging from Series A to pre-IPO. It has invested in over 30 countries and it has backed the likes of JD.com, Stripe, Databricks, Facebook, Alibaba, Peloton and LinkedIn.
Weavr’s funding round follows a bumper year for UK fintech investment, with companies raising $11.6bn in capital.
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