London technology provider completes £29.5m Series A funding

A London-headquartered technology provider has announced the close of a £29.5m Series A funding round led by Tiger Global.

The financing will support Weavr’s international expansion plans, beginning with an official U.S. market launch and including continued growth in the UK and Europe.

Since introducing its embedded finance platform in late 2020, Weavr has experienced fast adoption of its payment and banking solutions among a range of businesses and industries.

The company is disrupting the current banking-as-a-service (BaaS) model by making embedded financial services available to any business with a digital presence.

This series, 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.

Building on the strong momentum of client integration and overall company growth, Weavr is launching its strategic international expansion plans with business development and recruitment efforts in the U.S. market.

Alex Mifsud, co-founder and CEO, said: “We believe an increasingly digital world works better when financial services are provided seamlessly within digital applications. Plug-and-Play Finance is the fastest, easiest and most efficient way for businesses to accomplish this

“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.”

Mifsud continued: “This level of simplicity makes it possible for rapidly digitizing sectors such as health, education, logistics, HR-management and real estate to effortlessly incorporate sophisticated finance offerings in their existing properties.”