The continued momentum of embedded finance has been a major fintech trend of 2023, with the market capitalisation of businesses in this space now expected to reach $7 trillion by the end of the decade. As part of its continued efforts to help businesses harness value from this technological shift, Plug-and-Play Finance provider, Weavr, has launched Embedded Finance Cloud, which is a white-label version of its proprietary embedded finance technology stack packaged specifically for banks and other financial institutions.

Weavr Embedded Finance Cloud is an orchestration platform designed to be used by product and innovation teams within banks and other financial institutions to create embeddable financial products in a time and cost-effective manner. The system enables companies in these fields to unlock new avenues for customer growth in non-financial consumer and business applications, while retaining the safety and control demanded by regulated financial services.

Weavr Embedded Finance Cloud is delivered in Platform-as-a-Service (PaaS) form, which allows financial institutions to rapidly deploy it over their existing core banking and payments systems. 

By adopting Weavr Embedded Finance Cloud, banks and financial institutions can leverage a robust, proven technology solution to create and manage natively embeddable financial products beyond what is possible with mainstream digital banking technology stacks.   Financial products that are ‘embeddable by design’ allow financial institutions to retain control, compliance, and cybersecurity standards with no compromises, as they scale distribution via embedded channels.

Speaking on the launch of the solution, Alex Mifsud, Co-Founder and CEO of Weavr, commented: “The launch of our Embedded Finance Cloud solution will help banks to scale their embedded finance initiatives without compromising on risk management. Financial institutions are looking to go beyond Open Banking APIs in order to tap into profitable areas such as lending, foreign exchange, and international transfers, as well as enabling new customer acquisition through collaboration with trusted third-party brands.  Such ambition is often hampered by the risk and compliance concerns that come with more powerful embedded finance delivery models like banking-as-a-service.

“In contrast, Weavr’s Embedded Finance Cloud gives banks and e-money institutions the means to create financial products that are embeddable by design, with risk and compliance being intrinsic components of the design. This allows financial institutions to unlock significant new revenue streams from embedded finance faster and in a safer manner. An embedded financial revolution is happening all around us, and this new solution makes it much more viable for established financial institutions to seize the opportunity, not just fintechs or big tech.

This major product launch forms part of what has been a busy 2023 for Weavr. Earlier this year, the company announced the acquisition of B2B Open Banking platform, Comma Payments in a first-of-its-kind deal within the embedded finance sector. Then, at the beginning of June, the company announced a new collaboration with Visa, a world leader in digital payments. The collaboration aims to accelerate the adoption of embedded finance solutions among B2B Software-as-a-Service (SaaS) companies.