Report: Numarqe and Weavr Partner on Corporate Card Offering
BY PYMNTS | MAY 18, 2023
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Numarqe and Weavr have reportedly partnered on a corporate card offering.
The collaboration brings together Weavr’s plug-and-play finance solution and Numarqe’s multicurrency credit platform, Fintech Finance News reported Thursday (May 18).
Numarqe and Weavr did not immediately reply to PYMNTS’ request for comment.
The companies’ new partnership has created a corporate card that has real-time card management and spend controls together with credit facilities in multiple currencies, according to the report.
“From day one, we valued Weavr’s tech-first approach to problem-solving and the benefits it could bring to our platform,” Numarqe CEO James Bowler said in the report. “The company stands out as a true innovator that understands our customers and [is] wholly committed to helping other innovators grow.”
The services enabled by the new partnership also include secure online payments with virtual cards and enhanced business intelligence, according to the report.
“Numarqe enables much-needed access to credit for mid-sized corporates, which have traditionally been underserved with the kinds of financial products that many enterprises take for granted,” Weavr Co-founder Alex Mifsud said in the report. “Offering access to corporate cards with credit lines attached, in combination with other valuable financial management tools, is a great example of the value and innovation that embedded finance can unlock.”
As PYMNTS reported in February 2022 at the time of Weavr’s $40 million Series A funding round, Weavr aims to disrupt the Banking-as-a-Service (BaaS) model by extending financial services to any online business, cutting the launch time for integrated finance to weeks or days compared to months or years, and preconfiguring application programming interfaces (APIs) into embedded finance solutions that clients can use without worrying about back-end technology.
Embedded finance can enable businesses to integrate financial services into third-party applications seamlessly and efficiently, bypassing the complex back-end technology used by most BaaS offerings, Mifsud told PYMNTS in an interview posted in March 2022.
“That gap between the banking APIs and what those companies need to do to be able to create this completely integrated experience and to do it in a way that is legitimate [is] the problem that Weavr is solving,” he said at the time. “That’s where we sit in the tech stack.”
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