Embedded finance firm Weavr has raised £7 million in a seed funding round led by Headline, with participation from European seed-stage fund Seedcamp, Anthemis and fintech-focused QED Investors.
The latest round is in addition to the £3 million of seed funding secured by the London-based technology company last year and will be used to drive its international expansion and product development.
Founded in 2019, Weavr allows businesses to embed banking and payments into their mobile app or SaaS platforms and has clients spanning industries such as health and wellness, education, real estate, and future of work, and includes service providers like Finway, Thanks Ben, MySkillCamp.
Michael Kent, venture partner at Headline, formerly e.ventures, said: “Weavr is empowering businesses of all sizes to realize the full potential of digital banking.
“With compliance at the heart of the platform, Weavr is drastically reducing the risk and financial commitment required to launch and scale embedded banking solutions. We see tremendous opportunity for the company to redefine digital banking for the service sector.”
Alex Mifsud, co-founder and CEO of Weavr, called the need for simple and accessible tools to integrate banking in everyday products and services “urgent”.
“As the world begins to look beyond the Covid-19 crisis and the possibilities stemming from lasting changes in consumer and business behaviour, embedded banking offers extraordinary potential for the future of work, the move away from cash, and the integration of financial services into all manners of digital businesses,” Mifsud said.