UK-based Weavr has expanded its plug-and-play embedded finance technology to Singapore.
Weavr claim its plug-and-play finance model will allow digital businesses to launch and monetise financial services quickly, efficiently and cheaper than a traditional banking-as-as-service (BaaS) model.
The key offerings of its plug-ins include reducing time to market, taking care of compliance and regulation, and a range of financial services available to businesses as they expand.
Making the announcement at Web Summit in Lisbon, Alex Mifsud, Weavr’s chief executive officer and co-founder, said: “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.”
Weavr has raised a total capital of $55m and onboarded more than 1,000 clients since its inception in 2019.
Mifsud commented: “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.”
Embedded finance is the placing of a financial product in a non-financial customer experience, journey, or platform.
The embedded finance market is predicted to more than double to $51b by 2026, according to a Bain & Co report, and Weavr’s entry into Singapore comes amid the Monetary Authority of Singapore’s (MAS) innovation drive, which is focusing on this area of fintech.
Commenting on Weavr’s arrival in the jurisdiction, the British High Commissioner to Singapore, Kara Owen, said: “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.”
The value of the UK’s financial services trade with Singapore was £1.7bn in 2020. Owen added: “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.”
Weavr also plans to launch in the US this year.