Weavr’s vision for embedded banking is backed by venture capitalists focused on the fintech and digital industries: Anthemis, QED Investors and Seedcamp, who have just invested in Weavr’s USD 4 million seed round.
The digital transformation of services industries such as education, employment and logistics has accelerated since the disruption wrought by the pandemic. Services sold and delivered over digital channels are expected to hit USD 2.1trillion in 2020 globally and to grow at 17% CAGR over the next 3 years. Innovators in services sectors are driving a new trend: embedding financial services into their digital applications. Just as consumers no longer take out their wallet to pay for their taxi, no longer will they go to their bank to get a loan to finance their home cinema purchase, or to an insurance website to purchase cover for their dream holiday – financial services will increasingly be embedded into the process of buying and consuming other services.
Banking is a highly regulated industry which makes it hard to work with for digital businesses disrupting the traditional services sectors such as education, fitness, employment. Innovators face a formidable barrier of complexity and burden of compliance when looking to integrate financial services into their offerings. Weavr’s new embedded banking tools are specifically designed for such innovators, who want to be able to build, integrate and run embedded banking solutions without specialist knowledge in financial services.
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