Weavr has now raised $55m and in just three years, has onboarded over 1,000 clients. And now it is speeding ahead with ambitious plans to expand in Singapore and across South East Asia.

Founded in 2018, with offices in London and Portugal, Weavr is blazing a trail via its platform for embedded finance for the digital economy. Specifically, Weavr aims to eliminate the usual complexity of integrating financial services and make embedded financial services available to any business with a digital presence.

Enabling non-banks to deliver financial services can transform the way businesses and consumers transact across virtually any industry or sector by streamlining financial processes in both consumer and business commerce and reducing entry barriers for various products and services.

Weavr clients can launch and earn revenue in 5 weeks

As Alex Mifsud explains, its radically simplified model, Plug-and-Play Finance means that digital businesses can launch and monetise financial services in a fast and efficient way, and at a fraction of the cost of the current Banking-as-a-Service (BaaS) model. Clients can launch, validate and earn revenue within five weeks.

In addition, Weavr’s embedded finance engine offers a framework for combining diverse finance and payments services, with no need for separate integrations or separate contracts — every service is implemented to ensure complete interoperability.

Says Mifsud: “The need for simple and accessible tools to integrate banking in everyday products and services is urgent…embedded banking offers extraordinary potential for the future, the move away from cash, and the integration of financial services into all manners of digital businesses.”

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Mifsud adds that 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 radically innovate through the simplicity of their embedded financial solution. Moreover, Weavr’s proposition will help contribute to meaningful advances in financial inclusion and green tech – core elements of Weavr’s commitment to environmental, social, and governance investing.

Alex Mifsud, co-founder and CEO, Weavr

2023 Forecasts

B2B embedded finance will take centre stage in 2023. At a time when businesses are under pressure to do more with less, embedded finance can unlock new efficiencies. B2B SaaS and other B2B digital businesses can take advantage of this need by enhancing their offering through financial service provision.

By using the rich data that such B2B players collect and process for their business customers, they are able to offer relevant financial services such as payment optimisation, efficient collections and lower risk lending at the point of need.

In doing so, B2B SaaS and 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 recent analysis of the fast-moving embedded finance sector from Bain & Co and Bain Capital, revenue opportunities “will more than double from $21bn in 2021 to $51bn in 2026. The transaction value of embedded finance also will surge to $7tn by 2026 and account for 10% of US financial transactions”.

With this in mind, the embedded finance space is set to become increasingly crowded, with many vendors providing point solutions to emerging embedded finance challenges like on-boarding, monitoring and orchestration. However, only a small number of players who put together a well-curated range of financial services and tools, often by combining such ‘point solutions’ will be the ones that succeed.

Banks that have invested in [BaaS] will start to see their first challenges – [such as partnerships going wrong – with this approach to delivering embedded finance.

Finally, established players in the banking and payments landscape, such as the big banking tech vendors, and the card schemes will start to publish their own strategies and roadmaps for embedded finance.

Regulation and compliance [will also pay big role in the fintech industry in 2023]. Regulators will be more demanding of standards in embedded finance and this will force change in the way providers deliver it. Compliance-as-a-Service provision and adoption will increasingly displace the current BaaS model.

In addition, there will be increased M&A activity, partly as a result of the continued tough funding environment and partly because regulatory change will force providers to think about their ability to adapt. We’ll see continued consolidation as the bar gets higher due to stricter regulation and as funding gets tighter.

Alex Mifsud, co-founder and CEO of Weavr

Alex Mifsud discusses Singapore expansion with RBI editor Douglas Blakey