Weavr, a London-headquartered technology provider that empowers businesses with plug-and-play embedded finance solutions, has set up in Singapore as part of its mission to make embedded financial services available to any digital business. Backed by a USD $40m Series A led by American investment firm Tiger Global, the official launch of Weavr in Singapore was announced at the Singapore Fintech Festival at the Singapore Expo.
With rising economic uncertainty, inflation rates at decade highs and escalating geopolitical tensions, companies need to reorient their business models to become more resilient. One sure way to do so is to deliver greater value to their existing customer base. Embedded finance can help digital businesses achieve this by providing the relevant financial services at the point they are needed by customers, using the rich data that many such businesses collect and process for their customers. In doing so, digital businesses have the opportunity to add significant new revenue streams from their existing customer base, 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 USD $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.
“We’re excited to enable digital businesses in Singapore, and in the region for which Singapore is such an effective hub, with the means to seamlessly integrate financial services wherever their customers need them. We see few better opportunities for deploying a significant portion of the USD $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,” said Alex Mifsud Co-Founder of and CEO at Weavr.
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 then 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 five 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 Southeast 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 Southeast 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. “The UK Digital Trade Network powered by Tech Nation is supporting UK companies like Weavr to make the most of the opportunities in Southeast Asia. With a market of 650 million people with significant demand for innovative FinTech that can make business and everyday lives easier – demand for products like Weavr’s is significant.”
Sam Evans, Director of International at Tech Nation, also said, “As part of the UK government’s Digital Trade Network, Tech Nation has worked with over 300 UK tech companies interested in expanding into Southeast Asia. We are delighted to see that Weavr is now launching in the Singaporean market and look forward to continuing to support their growth in this region.”
“We are excited to see continued interest from UK companies to leverage Singapore as a launchpad into Southeast Asia amid the rise in tech demand and digital adoption across the region,” added YC Choy, Vice President and Head of Region (Europe) at the Singapore Economic Development Board. “We warmly welcome Weavr into Singapore’s FinTech community and will continue to work closely with the team to drive innovation and deepen their capabilities to capture new opportunities in the region’s burgeoning FinTech sector while enriching the local ecosystem.”
Archive
- October 2024(19)
- September 2024(94)
- August 2024(100)
- July 2024(99)
- June 2024(126)
- May 2024(155)
- April 2024(123)
- March 2024(112)
- February 2024(109)
- January 2024(95)
- December 2023(56)
- November 2023(86)
- October 2023(97)
- September 2023(89)
- August 2023(101)
- July 2023(104)
- June 2023(113)
- May 2023(103)
- April 2023(93)
- March 2023(129)
- February 2023(77)
- January 2023(91)
- December 2022(90)
- November 2022(125)
- October 2022(117)
- September 2022(137)
- August 2022(119)
- July 2022(99)
- June 2022(128)
- May 2022(112)
- April 2022(108)
- March 2022(121)
- February 2022(93)
- January 2022(110)
- December 2021(92)
- November 2021(107)
- October 2021(101)
- September 2021(81)
- August 2021(74)
- July 2021(78)
- June 2021(92)
- May 2021(67)
- April 2021(79)
- March 2021(79)
- February 2021(58)
- January 2021(55)
- December 2020(56)
- November 2020(59)
- October 2020(78)
- September 2020(72)
- August 2020(64)
- July 2020(71)
- June 2020(74)
- May 2020(50)
- April 2020(71)
- March 2020(71)
- February 2020(58)
- January 2020(62)
- December 2019(57)
- November 2019(64)
- October 2019(25)
- September 2019(24)
- August 2019(14)
- July 2019(23)
- June 2019(54)
- May 2019(82)
- April 2019(76)
- March 2019(71)
- February 2019(67)
- January 2019(75)
- December 2018(44)
- November 2018(47)
- October 2018(74)
- September 2018(54)
- August 2018(61)
- July 2018(72)
- June 2018(62)
- May 2018(62)
- April 2018(73)
- March 2018(76)
- February 2018(8)
- January 2018(7)
- December 2017(6)
- November 2017(8)
- October 2017(3)
- September 2017(4)
- August 2017(4)
- July 2017(2)
- June 2017(5)
- May 2017(6)
- April 2017(11)
- March 2017(8)
- February 2017(16)
- January 2017(10)
- December 2016(12)
- November 2016(20)
- October 2016(7)
- September 2016(102)
- August 2016(168)
- July 2016(141)
- June 2016(149)
- May 2016(117)
- April 2016(59)
- March 2016(85)
- February 2016(153)
- December 2015(150)