The MFSA's approval followed a thorough evaluation of Weavr's system, specifically designed to facilitate the integration of embedded finance into software applications. This model aims to provide a seamless customer experience while maintaining top-tier security standards.

Embedded finance, a burgeoning distribution channel for financial services, has traditionally relied on the Banking-as-a-Service (BaaS) model. However, regulators worldwide, including those in Europe, have expressed concerns about the oversight capabilities of financial institutions using the BaaS approach. Weavr's innovative model addresses these concerns, ensuring robust regulatory compliance and operational transparency.

With the new licence, Weavr plans to offer the most comprehensive domiciled IBAN service in Europe, supporting a variety of major European currencies and extending beyond the Eurozone. This will include a broad spectrum of financial products, such as cards, accounts, and global fund transfer networks, many of which will be powered by Visa, following a strategic partnership established last year.

Weavr provides B2B SaaS companies with an all-inclusive solution for implementing embedded finance services, featuring high-quality infrastructure and minimal complexity. Its toolkit allows online brands to seamlessly integrate user experience elements, from onboarding to strong customer authentication. This integration will enable Pan-European B2B SaaS businesses to offer complete workflows that unify business data, process controls, and payment execution. The result is a significant boost in productivity and a reduction in costly errors associated with transferring financial data between business applications and banking systems.

Speaking on securing the EMI licence, 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.”