Amid a reported downturn in the fintech sector, Plug-and-Play Finance provider, Weavr, is finding no drop in demand for its solutions and is continuing to forecast rapid growth.
Less than six months on from its $40m Series A announcement, Weavr continues to go from strength to strength. The company’s enduring success further underlines the substantial demand for easy-to-deploy embedded finance across a myriad of sectors. Despite economic uncertainty plaguing other areas of fintech, embedded finance remains a field that businesses, and venture capitalists want to invest into.
The performance of Weavr in the past few months serves to highlight this trend. Since the beginning of 2022, the company has doubled its total employee headcount, while achieving similar levels of growth among its customer base. Because of this expansion, the Plug-and-Play Finance provider’s platform is now processing more than four times the volume of transactions than it did at the start of the year.
The rapid growth of Weavr highlights the immense value that digital businesses are attributing to its innovative product offering. The company’s technology is disrupting the banking-as-a-service sector by creating new and more efficient ways for digital businesses to provide financial services within their applications.
With improved access to embedded finance, digital businesses have an opportunity to offer more joined-up solutions to their customers, increasing customer stickiness and catalysing future growth. In light of a recent, but pronounced downturn in the global economy, all these factors are now more important than ever before.
As a result, Weavr continues to make great inroads with innovative solution builders across industries such as health and wellness, education, and real estate. Now, the company is setting its sights on further uses for embedded finance, including B2B payments, the creator economy, and employee benefits and expense management.
With the help of its momentous Series A investment, which was led by Tiger Global, alongside other leading venture capital partners, including Mubadala, LocalGlobe, Headline, QED, Anthemis and Seedcamp, Weavr is also continuing to expand its team. Since the beginning of the year, the company has doubled its total employee headcount, now employing more than 80 people with the hiring process underway across a further ten new positions.
Notably, Weavr is scaling its operations team to support the increased number of digital businesses that now deploy its solutions. In the past few months, the business has demonstrated its immense ability to improve performance levels within some of the aforementioned industries. One such example is the company’s success in improving worker finance, perhaps best highlighted through its partnership with MONET, a business and finance app built for creators to help them smoothen cash flow.
Alongside notable customer announcements and impressive company growth, Weavr continues to grow its operations across the globe. In recent weeks, the company has officially launched its operations in Portugal, as part of its efforts to further establish the Weavr brand within mainland Europe. This exciting development was kicked off with a successful industry event held on 23 June in Lisbon.
Speaking on the company’s continued momentum in 2022, Daniel Greiller, Chief Commercial Officer at Weavr commented: “We set ourselves incredibly ambitious growth plans at the start of the year, and despite a challenging business environment our performance remains strong. The past few months have underlined the immense demand for our Plug-and-Play Finance solution. Our solution provides entrepreneurs with new freedoms to create innovative products and products that businesses and consumers want. That’s why, in the coming months we plan to continue pushing forward at speed. We currently have several exciting projects, announcements, and product updates in the pipeline that our customers will love.”
Weavr’s success has not gone unnoticed by the broader fintech and tech community, with the company recently nominated for ‘Fintech Startup of the Year’ at the Fintech Awards London.