The co-founder and CEO of Weavr has said the embedded finance company isn’t competing directly with banking as a service firms and instead plans to “increase the size of the cake”.
Weavr CEO Alex Mifsud told UKTN: “We’re not suggesting that we are going to go and eat the lunch of the bank as a service crowd, we are going to increase the size of the cake – to make the embedded finance concept available to many more industries.”
London-based Weavr provides plug-and-play embedded finance software, which lets non-financial businesses integrate off-the-shelf financial tools onto their existing applications.
These include services such as bank transfers, contactless payments and card issuing, which are integrated through the use of APIs.
It means that non-financial companies don’t have to build these tools from scratch, and tailor them to meet the regulatory demands of the regions they operate in....