Weavr, a London-headquartered technology provider that empowers businesses with plug-and-play embedded finance solutions, sets up in Singapore “as part of its mission to make embedded financial services available to any digital business.”
Backed by a US$40m Series A led by American investment firm Tiger Global, the official launch of Weavr in Singapore will be “announced this week at the Singapore Fintech Festival at the Singapore Expo, wherein Weavr will be part of the United Kingdom (UK) Trade Mission pavilion led by the UK Department for International Trade.”
With rising economic uncertainty, inflation rates at decade highs, and escalating geopolitical tensions, companies “need to re-orient their business models to become more resilient.”
One sure way to do so is to “deliver greater value to their existing customer base.” Embedded finance can “help digital businesses achieve this by providing the relevant financial services at the point they are needed by customers, using the rich data that many such businesses collect and process for their customers.”
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 US$51 billion 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.”
Applications like these that “embed financial services intelligently can provide customers with unparalleled convenience and ease of use, thus enhancing the customer experience and building loyalty.”
With Weavr’s radically simplified model, Plug-and-Play Finance, digital businesses “can launch and monetize financial services quickly and efficiently, and at a fraction of the cost of the traditional Banking-as-a-Service (BaaS) model.”
Weavr co-founder and CEO, Alex Mifsud said:
“We’re excited to enable digital businesses in Singapore, and in the region for which Singapore is such an effective hub, with the means to seamlessly 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.”
Aligned with the Financial Services Industry Transformation Map (ITM) 2025 “announced in September 2022 by the Monetary Authority of Singapore (MAS), Weavr’s entry into Singapore comes amid an innovation drive powered by embedded finance, which will in turn enable the redefining of business models for greater resilience.”
This availability of simple solutions to deploy financial services will further “enable businesses in Singapore to drive innovation and create more value for all stakeholders.”
Singapore is “well-positioned as a hub for digital and financial innovation in the region and a natural first stop on Weavr’s mission to help online businesses and SMEs radically innovate through the simplicity of their embedded financial solution.”
The move will also “enable Weavr to contribute to meaningful advances in financial inclusion, green tech and more, as part of Weavr’s commitment to environmental, social, and governance (ESG) investing.”
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