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Weavr services sector customers can embed financial services into core applications by accessing Nium’s BaaS platform
LONDON, 20 September, 2021 – Nium and Weavr today announced a strategic partnership that will make Nium’s BaaS (Banking-as-a-Service) API suite accessible to Weavr’s customers, enabling them to build, deploy and run embedded banking solutions. Weavr targets businesses in the services sector, who now can embed banking services into their core applications with unprecedented ease and without any prior specialist knowledge of finance and regulations.
The partnership will allow Weavr and Nium to grow their mutual footprint in Europe and the UK with digital innovators responding to the need for more embedded financial services. Nium provides the broadest suite of financial and payment services – all accessible through its industry-leading API suite.
“This move supports Nium’s mission to provide a global fintech infrastructure that enables our partners to launch and scale innovative digital financial services. Our BaaS platform capabilities, combined with Weavr’s ability to create a front-facing self-accessed portal, will help end customers navigate the complex world of financial services seamlessly”, says Prajit Nanu, Co-founder and CEO at Nium.
Nium’s BaaS platfom will enable Weavr to access all features of its pay-in capability offering virtual accounts for corporate clients and consumers in multiple currencies, pay-out capability across Nium’s extensive global payments network and cards issuing services across several markets.
“We are excited by the scale of the opportunity unlocked through our partnership with Nium – it is a deep synergy between the extraordinarily rich set of banking and payments capabilities that Nium has built, coupled with Weavr’s unique approach to simplifying embedded finance through financial plug-ins for non-financial applications. Together we can support so many digital businesses who want to use embedded finance to share the future of work, education, health and real estate, but currently find it too complex to do so”, says Alex Mifsud, Co-founder and CEO at Weavr.
Nium will also enable Weavr customers to enter new markets and geographies with ease and unlock new revenue streams by embedding these features into their own self-service platform.
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About Nium
Nium is a leading embedded fintech company that provides banks, payment providers, travel companies, and businesses of any size with access to global payment services via one API. Its modular platform provides services for pay-outs, pay-ins, card issuance, and banking-as-a-service.
Once connected to the Nium platform, businesses have the ability to pay out in more than 100 currencies to over 190 countries – 85 of which in real time. Funds can be received in 33 markets, including Southeast Asia, the UK, Hong Kong, Singapore, Australia, India, and the US.
Nium’s growing card issuance business is already available in 32 countries, including Europe (SEPA), the UK, Australia and Singapore. Core to Nium is its licence infrastructure, built over time in some of the fastest growing economies. Nium owns the broadest licence portfolio, covering 11 of the world’s jurisdictions, enabling seamless global payments and rapid integration, across multiples geographies.
For more information, visit: https://www.nium.com
About Weavr
Weavr is a financial technology company that enables innovators to easily integrate financial services into their products. Businesses of all sizes and in diverse industries use Weavr to issue financial accounts and payment cards for their customers empowering them to collect and make payments in the context of digital applications. These applications, together with the banking services integrated within them, are shaping the future of work, healthcare, education, real estate, and other services sectors.
Weavr’s mission is to make building and integrating banking services like any other digital software simple, flexible and accessible to all innovators, while ensuring that it is safe for the financial institutions to provide such banking services. Weavr believes that by making it possible for customers to access relevant banking services precisely where and when they need them will enable banking to deliver greater value to society.
For more information, visit https://www.weavr.io/