London fintech launches Singapore office following £35m funding round

Weavr, a London headquartered technology provider that empowers businesses with plug-and-play embedded finance solutions, is today announcing its launch in Singapore.

Backed by a $40m (approx. £35m) Series A round, led by American investment firm Tiger Global, the official launch of Weavr in Singapore signals the firm’s continued global expansion. With rising economic uncertainty and inflation rates at decade highs, Weavr believes companies are looking to reorient their business models to become more resilient.

Embedded finance can help businesses in this transition, enabling them to circumvent the usual complexity of integrating financial services, add new revenue opportunities and make their businesses more resilient and scalable in the future.

In doing so, digital businesses have the opportunity to add significant new revenue streams from their existing customer base, in other words increasing their revenues without the need to increase their marketing budgets.

According to a report by Bain & Co and Bain Capital, the embedded finance market is predicted to more than double to $51bn (approx. £45bn) by 2026.

The key driver is the removal of barriers to adoption for non-financial businesses that wish to deliver financial products that enhance customer experiences while also offering immediate opportunities to amplify their revenue per user.

Embedded finance, in a nutshell, is the seamless integration of financial services into the customer journey in non-financial applications wherever they are needed. For example, an application that enables gig workers to find work can also provide them with ways to get paid faster and to help them keep their business finances separate from their personal money.

Alex Mifsud, Weavr’s CEO and co-founder, commented: “We’re excited to announce Weavr’s Singapore launch here at Web Summit. Further to our European expansion, we will now enable businesses in Singapore and the region to seamlessly and efficiently integrate financial services wherever their customers need them.”

“We see few better opportunities for deploying a significant portion of the US$40m of capital we raised earlier this year to bring the benefits of embedded finance to digital innovators and ultimately to their customers in the region.

“Having raised a total capital of $55m and onboarded 1,000+ clients since our inception in 2019, Weavr is on an upward trajectory to help businesses unlock their full potential.”

By Matthew Neville – Correspondent, Bdaily

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