Peanuds , a provider of a financial application aimed at digitally focused SMEs, has formed a partnership with embedded finance provider Weavr . Peanuds integrates payment services, such as money transfers and cards, with a platform for team-based spend management.

This platform allows clients to create user profiles with specific roles and permissions, assign payment cards, and track usage through analytics. Weavr supplies the financial infrastructure for Peanuds, including virtual IBANs, physical and virtual cards, and support for multiple currencies. Peanuds builds on Weavr's solution by offering an interface and spend management features designed to help clients manage their finances efficiently.

Peanuds initially targets small businesses in digital-nomad hubs like Cyprus, Malta, and Portugal. These regions are popular with e-commerce companies and other businesses, but local banking systems may not fully meet their needs. According to the World Bank, 40% of SMEs have unmet financial needs from traditional banks.

For example, delays in issuing payment cards or setting up bank accounts can be challenging for small businesses without a dedicated finance team. While Peanuds' primary focus is on Cyprus, the platform is available to companies across Europe. How does it work? The platform's modular architecture connects with various financial service providers, aiming to meet the needs of different users through a single platform.

The goal is to provide access to multiple accounts and services under one login, with embedded finance playing a central role. Weavr's platform and Open Banking framework provide the necessary technical infrastructure for Peanuds' operations. The partnership with Weavr is a key step in Peanuds' product development, allowing the company to leverage Weavr's technical infrastructure and legal framework to deliver financial services efficiently and securely.

This collaboration enables Peanuds to focus on product development and user experience. .