Embedded finance fintech mmob raises £5m in seed round

An embedded finance fintech founded just two years ago which counts PensionBee and iwoca as clients has raised £5m in a seed round.

Fintech mmob raised the funds through a group of angel investors including high net worth individuals and senior banking executives, it said.

The London-based fintech said it will use the funds to develop its technology platform and enter new markets including Malaysia.

Through mmob’s API, brands can connect to mmob’s network of third-party partners (TPPs) and embed new services.

It says that by partnering up with mmob and its embedded finance network, clients can cut down on time and avoid the complexity of picking various partners for different tasks.

To date, its clients include the likes of PensionBee,iwoca and Cuckoo.

“Due to advances in technology and the wealth of data available, brands can responsibly respond to consumer demand and offer personalised options and attractive pricing for financial services,” said Irfan Khan, CEO, mmob. 

“However, ease of integration between providers is key to fuelling the sector’s growth. This funding will enable us to further expand our operations in the UK and Malaysia.”

“With growth expected to increase from around £32 billion in 2020 to over £100 billion by 2026, embedded finance is one of the most exciting growth areas in fintech today,” said James Gossip, investor and former head of strategy, and COO for HSBC in Malaysia. 

“The investment will enable mmob to further invest in its platform and team to help brands capitalise on the opportunity presented by embedded finance and become a prominent force in driving the sector’s growth.”