Weavr to expand to Singapore

Wednesday 2 November 2022 11:19 CET | News

Weavr, a UK-based technology provider that offers businesses plug-and-play embedded finance solutions, has announced its launch in Singapore.

Backed by a USD 40 million Series A round, led by American investment firm Tiger Global, the official launch of Weavr in Singapore signals the firm's continued global expansion.

Aligned with the Financial Services Industry Transformation Map (ITM) 2025 announced in September 2022 by the Monetary Authority of Singapore (MAS), Weavr’s entry into Singapore comes amid an innovation drive powered by embedded finance, which will in turn enable the redefining of business models for greater resilience.

This availability of simple solutions to deploy financial services will further enable businesses in Singapore to drive innovation and create more value for all stakeholders. Singapore is well-positioned as a hub for digital and financial innovation in the region and a natural first stop on Weavr's mission to help online businesses and small and medium enterprises (SMEs) innovate through their embedded financial solution.

The move will also enable Weavr to contribute to advances in financial inclusion, green tech and more, as part of Weavr’s commitment to environmental, social, and governance (ESG) investing.

Weavr’s offerings

With Weavr's Plug-and-Play Finance digital businesses can launch and monetise financial services at a fraction of the cost of the traditional Banking-as-a-Service (BaaS) model.

Weavr, a UK-based technology provider that offers businesses with plug-and-play embedded finance solutions, to launch in Singapore.

Weavr's Financial Plug-ins represent a simple solution for any business to deploy financial services within its own platform. Its key benefits include:

  • Pre-defined solutions for a range of use cases that reduce time to market to just five weeks and take care of compliance, data security, and regulation.

  • A low-code offering that allows brands to embed services without compromising on quality and security.

  • Extensible solutions that enable customers to add new financial services in new markets as they grow.

As Alex Mifsud has mentioned in an interview, Weavr will displace some banking services, but it will add more than it will displace. Therefore, they are not trying to replace banking as we know it, they are just introducing it in a bigger, more accessible form.

The popularity of embedded finance

With rising economic uncertainty, inflation rates at decade highs, and escalating geopolitical tensions, companies are looking to reorient their business models to become more resilient.

Embedded finance enables companies to avoid the usual complexity of integrating financial services, add new revenue opportunities, and make their businesses more resilient and scalable in the future.

According to a report by Bain & Co and Bain Capital, the embedded finance market is predicted to more than double to USD 51 billion by 2026. The key driver is the removal of barriers to adoption for non-financial businesses that wish to deliver financial products that improve customer experiences while also offering opportunities to increase their revenue per user.

Embedded finance is attributed to an overwhelming lack of financial inclusion. In adding financial services to an already widely adopted and profitable software application, banks no longer have to make the investment to acquire a potentially unprofitable customer, since the software business has already acquired and onboarded them themselves.

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Keywords: expansion, embedded finance, investment, financial services, SMEs
Categories: Banking & Fintech
Companies: Weavr
Countries: Singapore
This article is part of category

Banking & Fintech


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