Weavr Sees Exceptional Growth in Embedded Finance
Growth across a myriad of sectors continues to be adversely affected by a broader downturn in the global economy but the field of embedded finance continues to go from strength-to-strength, as highlighted by Plug-and-Play Finance company, Weavr.
In early 2022, London-headquartered technology-provider, Weavr, announced the close of a $40 million Series A funding round led by Tiger Global. At the time, the raise showcased the growing interest of venture-capital businesses in embedded-finance technologies. Now, just over a year on, Weavr has underlined why the buzz around embedded finance continues to be so strong by announcing a year of impressive business and customer-growth numbers.
Despite considerable uncertainty in the broader economy, Weavr’s platform has gone from strength to strength in the past 12 months. The total number of users on the company’s platform has more than tripled, with close to 1,500 corporates now signed up to the service. Indeed, monthly on-boarding of corporate customers is now three times greater than a year earlier. In turn, the company has also experienced a corresponding surge in transactions through its platform, experiencing growth of over 340% in just one year.
Weavr supplies cutting-edge solutions in the form of its easy-to-deploy, cost-effective Financial Plug-ins, which aim to disrupt the current Banking-as-a-Service (BaaS) model that is increasingly coming under scrutiny by regulators. Its first plug-ins addressing Supplier Finance, Employee Finance and Worker Finance provide B2B SaaS companies in sectors such as accounting, employee benefits, and freelancer marketplaces with all they need to deploy financial services, while shouldering the significant burden of compliance, regulation, and data security.
The company’s impressive performance in 2022 underlines the growing demand for embedded-finance solutions, particularly among B2B Software-as-a-Service (SaaS) companies that wish to incorporate financial services into non-financial environments. These SaaS businesses increasingly see embedded finance as a way of increasing revenues from their existing customers and ultimately retaining more of them in these challenging times. Weavr’s success proves that the appeal extends across businesses of all sizes, with the company onboarding notable clients like Wectory, AllGravy, and Corplife in this period.
Speaking on the company’s performance in the past year, Alex Mifsud, co-founder and CEO of Weavr commented: “As the past year has shown, the economic picture can change very quickly, sometimes shifting from month to month. During such times, businesses need inventive ways to generate greater resilience in their operations, and embedded finance offers one of the most effective and exciting ways to do so.
“That’s why we’ve seen such strong performance for Weavr in the past year and also why we’ve signed so many exciting partnerships with leading, innovative businesses. By focusing on the needs of our customers, we’ve been able to engender double-digit monthly growth on our customer base in 2022 and have used this momentum to really shape the concept of Plug-and-Play Finance within the wider market.”
Weavr’s success in the past year has not gone unnoticed. In the last 12 months the company has received the award of ‘Leading Emerging Payments Association’ at the Pay360 Awards and was named a ‘Platinum Winner’ at the Fintech and Payment Awards. In addition, the company has been featured in numerous industry lists, and named in the ‘Startups 100 2023 Index’.
For more information about Weavr, please visit: www.weavr.io