Weavr and Visa Collaborate to Boost Embedded Finance for B2B SaaS Firms
Weavr, an embedded finance startup, has joined forces with Visa to advance the adoption of embedded finance solutions within the B2B Software-as-a-Service (SaaS) sector. The partnership, announced on Thursday (June 1), aims to accelerate the integration of financial services into B2B software, enabling companies to enhance their existing product offerings or introduce new ones.
In a joint news release, the companies stated, «Embedded finance enables B2B software businesses to integrate financial services into their software to augment their existing product offerings or launch entirely new products and services.» This collaboration between Weavr and Visa seeks to provide B2B SaaS firms with embedded finance solutions that incorporate Visa’s capabilities. These solutions will offer financial plug-ins that can be seamlessly integrated into software, delivering all the necessary components to power specific use cases, including ERP solutions, HR management platforms, and B2B commerce. Importantly, businesses will retain full control over their end customers’ user experiences.
Weavr CEO and Co-founder Alex Mifsud discussed the plug-and-play finance offerings of his company in a recent interview with PYMNTS. Mifsud emphasized that when integrating applications, digital innovators face the challenge of finding financial institutions and vendors willing to provide the required services. He explained, «If you just take one thing, like the verification of identities, to be able to take on a customer, you will need to find vendors that allow you to capture data like passport details and proof of address, and then integrate that with your user experience.»
By leveraging solutions like Weavr’s, businesses can eliminate the cost and complexity associated with managing multiple vendor relationships. Weavr’s embedded finance solutions come preconfigured with APIs, enabling companies to specify their requirements and complete tasks more efficiently. Mifsud highlighted the benefits, stating, «Basically, you’ve saved hundreds of thousands of dollars of capital before you get to your first transaction, and you’ve also saved months of development time and engineering resources and ultimately time to market.»
This collaboration between Weavr and Visa represents a significant step forward in the realm of embedded finance for B2B SaaS firms. By seamlessly integrating financial services into software offerings, businesses can enhance customer value, unlock new revenue streams, and improve customer retention.