Weavr and Visa Team on Embedded Finance for SaaS Firms

Embedded finance startup Weavr has teamed with Visa in the B2B Software-as-a-Service (SaaS) space.

The partnership, announced Thursday (June 1), is aimed at speeding the adoption of embedded finance solutions for B2B SaaS firms.

“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,” the companies said in a news release.

“In addition to delivering more value to their customers, such software businesses can expect new revenue streams and improved customer retention.”

The companies say their embedded finance solutions — created by Weavr and integrating Visa capabilities — offering financial plug-ins that can be embedded into software and “bring together everything a business needs to power specific use cases.”

Those include ERP solutions, HR management platforms, B2B Commerce and others, while also permitting full control over end customers’ user experiences.

PYMNTS spoke recently with Weavr CEO and Co-founder Alex Mifsud about his company’s plug-and-play finance offerings.

As that report noted, a digital innovator’s task when integrating applications is to find banks and financial institutions willing to provide the services, as well as other vendors to tackle other elements of the process.

“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,” Mifsud explained.

Even after businesses have contracted companies and vendors to process transactions and manage fraud and risk monitoring, they still need to integrate it all, which is a large, time-consuming task, he added.

But with solutions like Weavr’s, companies do away with the cost and burden of multiple vendor relations by preconfiguring APIs into embedded finance solutions, letting them specify what needs to be done and accomplish tasks much faster.

“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,” Mifsud told PYMNTS.