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 US$40m 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, inflation rates at decade highs, and escalating geopolitical tensions, 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 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 monetise financial services quickly and efficiently, and at a fraction of the cost of the traditional Banking-as-a-Service (BaaS) model.
Making the announcement at Web Summit in Lisbon today, Alex Mifsud, Weavr’s CEO and co-founder, says: "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.”
Alex continues, “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 US$55m and onboarded 1000+ clients since our inception in 2019, Weavr is on an upward trajectory to help businesses unlock their full potential.”
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.
Weavr's unique Financial Plug-ins represent a simple solution for any business to seamlessly deploy financial services within its own platform with zero heavy lifting. Key benefits include:
● Pre-defined solutions for a range of use cases that reduce time to market to just 5 weeks and take care of compliance, data security and regulation.
● A low-code offering that allows brands to embed services quickly and seamlessly without compromising on quality and security.
● Extensible solutions that enable customers to add new financial services in new markets as they grow.
The British High Commissioner to Singapore, Kara Owen CMG, said, “It is fantastic to see Weavr expanding into Singapore. Their presence here will help more Singaporean businesses - and those in South East Asia, as it expands - to seamlessly integrate financial services for their customers. Our financial services trade with Singapore was £1.7bn in 2020. This value is only set to grow as our countries grasp the opportunities of digital trade and technology innovation. The UK-Singapore Digital Economy Agreement, which entered into force in June this year, will support more companies to embark upon journeys like Weavr’s. We are delighted to celebrate Weavr’s success.”
“I am delighted to see UK fintech Weavr expand into South East Asia with the opening of its office in Singapore as a launchpad into the region,” added Natalie Black, the UK's Trade Commissioner for Asia Pacific.