UK-based plug-and-play finance specialist Weavr has partnered with Visa to accelerate the adoption of embedded finance. Specifically, the partnership between these two entities aims to speed up the adoption of embedded finance solutions among B2B Software-as-a-Service (SaaS) companies.

Weavr specialises in the creation of embedded finance solutions in the form of easy-to-deploy and cost-effective financial plug-ins that are embedded into software. These embeddable plug-ins provide businesses with whatever they need to support specific use cases in fields such asERP solutions, HR management platforms, and B2B Commerce. The plug-ins also provide control over the user experience for their end customers.

Since Weavr’s solutions are mainly designed for non-financial businesses, the plug-ins cover areas such as compliance, regulation, and data security. Embedded finance allows B2B software businesses to integrate financial services into their software with the goal of improving their existing product offerings or launch completely new products and services. This allows businesses to provide more value to their customers while opening up new revenue streams and supporting customer retention.

In the company press release, Weavr representatives talked about their partnership with Visa and explained how it can extend embedded finance opportunities to more businesses and regions, allowing these businesses and corporations to enhance customer growth. Weavr’s embedded finance momentum In March 2023, Weavr acquired B2B Open Banking platform Comma Payments in a unique deal in the field of embedded finance. The equity-based acquisition saw Weavr retain most of Comma’s current workforce, including the company’s CEO and founder.

As a result of the acquisition, Comma’s technology improved Weavr’s Plug-and-Play Finance proposition for embedded finance. By acquiring Comma, Weavr became the first embedded finance provider to bring together Banking-as-a-Service (BaaS) and Open Banking into an optimised embeddable payment solution for B2B applications ranging from payroll, accounts payable, and other forms of mass payments. Together with Weavr’s BaaS capabilities, the two companies will allow customers to progress seamlessly from making payments via their own existing bank accounts to doing so through Weavr-provided accounts.

The acquisition was in line with Weavr’s goals to expand in the embedded finance space. The company successfully completed a USD 40 million Series A funding round in early 2022, which has led to the tripling of its user base and a surge in transactions through its platform. According to Weavr, the company experienced a growth of over 340% in 12 months.

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