UK embedded finance network mmob raises £5m

UK-based embedded finance network mmob has raised £5 million.

The firm, founded in 2020, provides a network which helps banks and FinTechs incorporate new services into their online platforms.

mmob claims that its partner network includes PensionBee, iwoca, Cuckoo, Superscript, So-Sure, Anorak, and Uinsure.

The firm said it will use the investment to advance the development of its technology platform, enter new markets including Malaysia, and further its position within embedded finance.

The UK embedded finance space has attracted several significant investment rounds in the past year.

In February, London-headquartered technology business Weavr raised $40 million in a funding round led by Tiger Global.

“With growth expected to increase from around £32 billion in 2020 to over £100 billion by 2026, embedded finance is one of the most exciting growth areas in FinTech today,” said James Gossip, investor and former head of strategy and chief operating officer for HSBC in Malaysia. “The investment will enable mmob to further invest in its platform and team to help brands capitalise on the opportunity presented by embedded finance and become a prominent force in driving the sector’s growth.”

Irfan Khan, chief executive at mmob, said: “Due to advances in technology and the wealth of data available, brands can responsibly respond to consumer demand and offer personalised options and attractive pricing for financial services.”

“However, ease of integration between providers is key to fueling the sector’s growth.”

He added: “This funding will enable us to further expand our operations in the UK and Malaysia and establish ourselves as the de facto leader and number one choice for embedded financial services moving forward.”

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