Nium teams up with Weavr

Embedded finance fintech Nium has made its banking-as-a-service (Baas) API suite accessible to the services sector customers of fintech Weavr, enabling them to build, deploy and run embedded banking solutions, through a new strategic partnership.

The partnership will allow Weavr and Nium to grow their mutual footprint in Europe and the UK in response to the need for more embedded financial services.

Prajit Nanu, co-founder and CEO of Nium, said: “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.”

Nium said that its Baas platform will allow 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.

Businesses that connect to Nium’s platform have the ability to pay out in more than 100 currencies to over 190 countries, while funds can be received in 33 markets, including Southeast Asia, the UK, Hong Kong, Singapore, Australia, India and the US.

Its card issuance business is available in 32 countries, including Europe (SEPA), the UK, Australia and Singapore.

“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,” added Alex Mifsud, co-founder and CEO of Weavr.

In August, Weavr made three new hires to complete the line-up of its leadership team, including Daniel Greiller as chief commercial officer, who joined from Feedzai.