Nium and Weavr have announced a strategic partnership that will make Nium’s BaaS (Banking-as-a-Service) API suite accessible to Weavr’s customers, enabling them to build, deploy and run embedded banking solutions. Weavr targets businesses in the services sector, who now can embed banking services into their core applications with unprecedented ease and without any prior specialist knowledge of finance and regulations.
The partnership will allow Weavr and Nium to grow their mutual footprint in Europe and the UK with digital innovators responding to the need for more embedded financial services. Nium provides the broadest suite of financial and payment services – all accessible through its industry-leading API suite.
“This move supports Nium’s mission to provide a global fintech infrastructure that enables our partners to launch and scale innovative digital financial services. Our BaaS platform capabilities, combined with Weavr’s ability to create a front-facing self-accessed portal, will help end customers navigate the complex world of financial services seamlessly,” says Prajit Nanu, co-founder and CEO at Nium.
Nium’s BaaS platform will enable Weavr to access all features of its pay-in capability offering virtual accounts for corporate clients and consumers in multiple currencies, pay-out capability across Nium’s extensive global payments network and cards issuing services across several markets.
“We are excited by the scale of the opportunity unlocked through our partnership with Nium – it is a deep synergy between the extraordinarily rich set of banking and payments capabilities that Nium has built, coupled with Weavr’s unique approach to simplifying embedded finance through financial plug-ins for non-financial applications. Together we can support so many digital businesses who want to use embedded finance to share the future of work, education, health and real estate, but currently find it too complex to do so,” says Alex Mifsud, Co-founder and CEO at Weavr.
Nium will also enable Weavr customers to enter new markets and geographies with ease and unlock new revenue streams by embedding these features into their own self-service platform.