Weavr, a UK-based technology provider that offers businesses plug-and-play embedded finance solutions, expands into South-East Asia with launch in Singapore.
After bagging a $40million Series A round, led by US investment firm Tiger Global, Weavr’s arrival in Singapore is part of the embedded finance firm’s continued global expansion.
According to a report by Bain & Co and Bain Capital, the embedded finance market is also predicted to more than double to $51billion by 2026.
Alex Mifsud, Weavr’s CEO and co-founder, announced its Singapore launch at the Web Summit in Lisbon earlier this week.
“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,” said Mifsud.
“We see few better opportunities for deploying a significant portion of the $40million 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 $55million and onboarded 1000+ clients since our inception in 2019, Weavr is on an upward trajectory to help businesses unlock their full potential.”
Weavr’s next steps
Singapore is well-positioned as a hub for digital and financial innovation in the region, says Weavr. It also described it as a “natural first stop” on Weavr’s mission to help online businesses and SMEs innovate through the simplicity of their embedded financial solution.
It believes the move will also help it contribute to meaningful advances in financial inclusion, green tech and more, as part of Weavr’s commitment to environmental, social, and governance (ESG) investing.
The British High Commissioner to Singapore, Kara Owen, 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 £1.7billion 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.”
The company’s Plug-and-Play solutions are designed to help digital businesses launch and monetise financial services quickly and efficiently. This includes:
– Pre-defined solutions for a range of use cases that reduce time to market to five weeks. They also 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