Embedded finance pioneer, Weavr, has announced the latest evolution of its Plug-and-Play Finance solution with three Financial Plug-ins, which provide the essential tools digital businesses need to offer financial services.
Weavr’s Financial Plug-ins service a wide range of use cases with unrivalled simplicity. In a matter of weeks, businesses can be up and running, providing the financial services that their customers require. In comparison to traditional Banking as a Service (BaaS) solutions, Weavr’s products allow this process to happen at a fraction of the speed and cost, significantly lowering the barriers to market entry for innovative minds across sectors.
The bottom line for businesses is that they can now launch, validate and multiply revenue per user from financial services with comparatively low time and resource commitments.
The three Financial Plug-ins are already providing powerful financial capabilities for digital businesses across a myriad of sectors. Recently, they have been deployed by leading innovators across sectors, including freelancer cash-flow app, MONET, universal invoice-netting solution, Troc Circle, and finway, a financial management platform for SMEs.
The three Financial Plug-ins are highly accessible, both in how they can be implemented, as well as their pricing structure. Weavr’s tailored pricing models make them accessible for businesses at all stages of growth. As a result, the company is helping innovators to maximise their return on investment and funding, both of which are increasingly important amid current economic uncertainty.
The three Financial Plug-ins launched are:
Includes everything that SaaS-platform builders need to power B2B payments within their accounting, procurement, logistics, order-management or other back-office solution. With the Supplier Financial Plug-in, innovators can provide their customers the financial tools they need to make, receive and automate payments within the innovative platform they already use and without the hassles of having to log into the bank to move money.
Allows innovators to build SaaS applications complete with the financial infrastructure to power employee-directed payments, such as employee benefits or expenses. With the Employee Financial Plug-in, innovative businesses can add the financial superpowers needed to onboard teams, configure financial controls and manage employee payments and expenses, for example.
The Worker Finance Plug-in enables platforms to power payments for freelancers, gig workers, creators and influencers of any type. Platform builders can add the financial infrastructure that freelancers need to manage cash flow, make payments and to reduce admin, and much more, all of which allows them to instead focus on more important tasks, such as growing revenues.
Right now, BaaS solutions are creating an innovation bottleneck, exacerbated by time-consuming and costly integrations. By contrast, Weavr’s Financial Plug-ins make embedding powerful financial services fast and easy, allowing innovative businesses to deploy new services that can increase revenue per customer by 2x to 5x . What’s more, Weavr takes care of all regulatory compliance, which allows companies to focus instead on economic performance and product development.
Speaking on the development, Alex Mifsud, Co-founder and CEO at Weavr commented: “Today, we take a major step towards delivering on our promise to provide a radically simpler way to embed finance. We do that by curating financial engines for specific types of use whether that’s accounting software saving time and reducing errors for their business customer by integrating payment to suppliers, HR systems empowering any employee to make payments with control but without bureaucracy or even powering up platforms for the creator economy with much-needed financial services tailored for influencers and other creators. Through the launch of our Financial Plug-ins, businesses can benefit in the very short term from adding financial services to their applications, thanks to their simplicity and cost-efficiency.
“In the past, the cost of building financial infrastructure has been prohibitive, and running it entails the significant and ongoing burden of regulatory compliance, risk management and data security. Our innovative solutions remove these obstacles, as Weavr shoulders all of them for innovators. Our approach is to make embedding finance simple and accessible to all innovators, helping them to overcome the traditional BaaS barriers and accelerate real-world benefits.”