Weavr Co-Founder and CEO Alex Mifsud has applauded the embedded finance company for recently obtaining its Electronic Money Institution (EMI) Licence from the Malta Financial Services Authority (MFSA).
The licence will aid the company in the expanded adoption of embedded finance by B2B software as a service (SaaS) businesses.
The MFSA granted the licence after an “extensive review” of Weavr’s operating model, which the company stated is “embeddable by design” and has been developed “to make embedded finance easier” for software businesses to integrate into their applications.
Through the new licence, Weavr will develop a comprehensive domiciled IBAN offering in Europe, with the aim of supporting major European currencies and economies beyond the Eurozone. These businesses will be supported with a “range of financial products that span cards, account and fund transfer networks globally.”
The company noted that several of these financial products will be powered by Visa, a company that Weavr entered into a strategic partnership with a year ago.
Dr Mifsud, who co-founded the embedded finance provider in 2018, remarked that the company is 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’ operation model, which we have refined over the past few years through our collaboration with several financial partners, in its purest and most powerful form,” he said.
He added that the licence will enable B2B SaaS businesses to adopt embedded finance with “unprecedented ease” in the pursuit of delivering “transformative software experiences for a multitude of business-critical jobs,” including accounting, billing, project management, HR management, and others.
The banking-as-a-service operating model (BaaS) has come under increased scrutiny, particularly about the ability of such financial institutions to conduct effective oversight over the different fintech and embedded financial products constructed through this model.
However, Weavr stated that its approach “has been designed differently,” with the aim of addressing these concerns from regulators “from the ground up.”
Social image: Weavr
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Weavr Co-Founder and CEO Alex Mifsud / LinkedIn
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