Weavr raises $40m

London-headquartered technology business Weavr has announced the close of a $40 million funding round led by Tiger Global.

Weavr aims to disrupt the existing banking-as-a-service model by making embedded financial services available to any business with a digital presence.

The FinTech said that the money will support its international expansion plans to the US and boost existing growth in the UK and mainland Europe.

This marks the company's third funding round in 18 months for a total of $55 million.

"We believe an increasingly digital world works better when financial services are provided seamlessly within digital applications," said Alex Mifsud, co-founder and chief executive of Weavr. "Plug-and-Play Finance is the fastest, easiest and most efficient way for businesses to accomplish this.

"In the past, industry disruptors, like Uber and Amazon, had no choice but to build their finance integrations from the ground up in what was a costly, complex and time-consuming process. Weavr shortens the time to launch embedded financial solutions from many months, or years, down to weeks or even days, while eliminating the hassle of managing compliance and data security.”

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