Peanuds Puts Scalability First with Weavr Partnership
Peanuds, a financial application tailored for digitally focused startups, freelancers, and small to medium-sized businesses (SMBs), has announced a strategic partnership with Weavr, a leading embedded finance provider.
Peanuds combines payment solutions, such as money transfers and card services, with a team-based spend management platform. This collaboration allows clients to create user profiles with custom roles and permissions while assigning dedicated payment cards and tracking usage through analytics. Weavr provides Peanuds with essential financial infrastructure, including virtual IBANs, physical and virtual cards, and multi-currency support. Peanuds enhances Weavr’s solutions through an intuitive interface and various spend management features, enabling clients to scale their businesses and manage their finances efficiently.
Initially targeting digitally minded small businesses in popular digital-nomad hubs like Cyprus, Malta, and Portugal, Peanuds addresses the challenges posed by local banking systems that often fall short of meeting the needs of e-commerce companies and other businesses. The World Bank estimates that 40% of SMB financial needs are underserved by banks. For example, e-commerce companies often require multiple cards quickly to launch advertising campaigns, while local bank account setups can take weeks or months, creating obstacles for small projects without dedicated finance teams.
Peanuds features a fully modular architecture that connects to various financial service providers, allowing different user types to access a range of accounts and services through a single platform. The vision is to create a financial superapp enabled by embedded finance. Weavr’s embedded finance platform and Open Banking framework provide the technical foundation necessary to realize this vision, forming a crucial part of Peanuds’ offering.
This partnership marks a significant strategic step toward achieving Peanuds’ product vision. By delivering the necessary technical infrastructure and legal framework for efficient and secure financial services, Weavr allows Peanuds to concentrate on enhancing product quality and user experience.
Florian Reike, co-founder of Peanuds, expressed enthusiasm about the collaboration: “We are thrilled to partner with Weavr. Their top-notch technology and guidance enable us to deploy new capabilities and features rapidly. This product would not be possible without embedded finance. After extensive research, Weavr was clearly the best partner for our target market.”
Alex Mifsud, Co-founder and CEO of Weavr, added, “Peanuds’ comprehensive suite of payment functions, combined with our embeddable financial solutions, demonstrates the true potential of embedded finance, especially in supplier finance. We are excited to support Peanuds in establishing itself as a finance platform designed for an underserved market and look forward to the positive impact this partnership will have on its users and the broader market.”