Weavr launches ‘Embedded Finance Cloud’ solution

UK-based Weavr has launched a new solution, ‘Embedded Finance Cloud’, to enable banks and other financial institutions to create and distribute embeddable financial products.

Alex Mifsud, co-founder and chief executive officer of Weavr said that ‘Embedded Finance Cloud’ will help banks to “scale their embedded finance initiatives without compromising on risk management”.

The new solution is a white-label version of Weavr’s proprietary embedded finance technology stack, designed to be used by product and innovation teams within banks and financial services companies.

Delivered as a Platform-as-a-Service (PaaS), Weavr Embedded Finance Cloud has been developed for financial institutions to deploy it, at pace, over their existing core banking and payments systems.

“Financial institutions are looking to go beyond Open Banking APIs in order to tap into profitable areas such as lending, foreign exchange and international transfers, as well as enabling new customer acquisition through collaboration with trusted third-party brands,” said Mifsud.

“Such ambition is often hampered by the risk and compliance concerns that come with more powerful embedded finance delivery models, like banking-as-a-service.”

“In contrast, Weavr’s Embedded Finance Cloud gives banks and e-money institutions the means to create financial products that are embeddable by design, with risk and compliance being intrinsic components of the design,” he added.

“This allows financial institutions to unlock significant new revenue streams from embedded finance faster and in a safer manner.”

Earlier this year, Weavr bought B2B Open Banking platform Comma Payments in a “largely equity-based” acquisition.

At the time of the deal, Weavr said it had become the first embedded finance provider to bring together Banking-as-a-Service (BaaS) and Open Banking into an “embeddable” payment solution for B2B applications, such as payroll and accounts payable.

More recently, Weavr teamed up with Visa to speed up adoption of embedded finance solutions among B2B Software-as-a-Service companies.