Embedded finance provider Weavr has obtained an Electronic Money Institution (EMI) licence from the Maltese Financial Services Authority (MFSA) to expand its Software-as-a-Service (SaaS) services across Europe.
The MFSA granted the licence after an extensive review of Weavr’s operating model, which has been designed specifically to make embedded finance easier for software businesses to integrate into their applications and deliver a seamless customer experience with high security standards.
Weavr offers B2B SaaS companies a solution for implementing embedded finance services with infrastructure and a seamless integration.
With its new licence, Weavr is set to develop the “most comprehensive domiciled IBAN offering in Europe”, supporting European currencies and economies beyond the Eurozone.
To these regions, Weavr seeks to bring a range of financial products that spans cards, account and fund transfer networks globally. Several of these financial products will be powered by Visa, with whom the company entered into a strategic partnership one year ago.
Alex Mifsud, Co-Founder & CEO of Weavr, said: “In this new era when regulators across Europe are increasingly addressing the risks associated with Banking-as-a-Service, we are honoured to be among the first organisations awarded a financial licence specifically to operate a safer model for embedded finance.
“This licence is a seminal milestone in Weavr’s evolution. It enables us to deliver our ‘embeddable by design’ operating model, which we have refined over the past few years through our collaboration with several financial partners, in its purest and most powerful form.
“For B2B SaaS businesses, it represents unprecedented ease in adopting embedded finance to deliver transformative software experiences for a multitude of business critical jobs across accounting and billing, project management, HR management and the like.”