Weavr Secures Electronic Money Institution (EMI) Licence from MFSA to bolster its support for European embedders
Weavr announces the acquisition of a European e-money licence. This licence is a significant milestone for both Weavr and the embedded finance industry, facilitating the broader adoption of embedded finance by B2B SaaS businesses.
The MFSA granted the licence following a thorough review of Weavr’s operating model, which is specifically designed to simplify the integration of embedded finance into software applications, providing a seamless customer experience while maintaining the highest security standards.
Embedded finance represents a new distribution channel for financial services, historically implemented through the Banking-as-a-Service (BaaS) model. Global regulators, including several in Europe, have expressed concerns about the effectiveness of financial institutions’ oversight over the myriad fintech and embedded financial products built on the BaaS model. Weavr’s approach, developed from the ground up, addresses these regulatory concerns. The issuance of the licence after extensive scrutiny by the MFSA is a testament to Weavr’s ‘embeddable by design’ approach.
Weavr offers B2B SaaS companies a comprehensive, one-stop solution for implementing embedded finance services with high-quality infrastructure and minimal hassle. With its new licence, Weavr aims to develop the most extensive domiciled IBAN offering in Europe, supporting major European currencies and economies beyond the Eurozone. Weavr will provide a range of financial products, including cards, account, and fund transfer networks globally, many powered by Visa, with whom the company entered into a strategic partnership a year ago.
These capabilities will benefit from Weavr’s rich set of toolkits, enabling online brands to seamlessly embed every aspect of the user experience, from onboarding to strong customer authentication. Pan-European B2B SaaS businesses can offer their customers comprehensive workflows where business data, process controls, and payment activities are fully integrated, enhancing productivity and reducing errors from the back-and-forth transfer of 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, as regulators across Europe address the risks associated with Banking as a Service, we are honored to be among the first organizations 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, refined over the past few years through 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 more.”
To learn more about Weavr’s solution and how it can benefit your business, or for more information on how the EMI licence will support Weavr’s growth, please visit: Weavr