Weavr, a London-based startup that allows businesses to embed banking and payments into their mobile app or SaaS platforms, has closed a $40 million Series A funding round led by Tiger Global.
The latest equity injection, which includes participation from Mubadala Capital, LocalGlobe’s growth stage Latitude fund and previous Weavr backers QED Investors, Anthemis and Seedcamp, marks the company’s third funding round in 18 months for a total of $55 million.
Weavr offers a set of plug-and-play APIs that make it simple for service sector companies to integrate with banking products and generate accounts, issue cards, or transfer funds. Since its inception in 2019, the firm has signed up clients from a host of industries such as health and wellness, education, real estate, and future of work.
The new financing will support Weavr’s international expansion plans, beginning with an official US market launch and including continued growth in the UK and Europe.
Alex Mifsud, co-founder and CEO of Weavr, says: "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. 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.”