mmob, the London-based embedded finance network, has completed a 5 million pound ($6.58 million) seed funding round, the company announced Wednesday (March 9) in a press release emailed to PYMNTS.
This round of funding is expected to allow the company to expand in the U.K. and Malaysia, the company said.
The investment was raised from angel investors, high net worth individuals and banking executives.
Founded in 2020 by CEO Irfan Khan, mmob said its mission is to deliver embedded finance for financial and non-financial brands. The company said it has built a network of partners including PensionBee, iwoca, Cuckoo, Superscript, So-Sure, Anorak and Uinsure.
mmob empowers FinTech companies to grow through the integration and delivery of products and services that meet their customers’ financial needs.
“Due to advances in technology and the wealth of data available, brands can responsibly respond to consumer demand and offer personalized options and attractive pricing for financial services,” said Khan in a statement. “But the ease of integration between providers is key to fueling the sector’s growth.”
Last September, PYMNTS reported mmob added small- to medium-sized business (SMB) lender iwoca to its network of digital finance providers.
Read also: Open Finance Platform mmob Adds iwoca to Its Network
The partnership allowed “banks and other large financial institutions to easily embed small business loan provision into their digital ecosystems and ensure they can rapidly meet the rising demand for alternative lines of credit from [SMBs] eager to invest in their growth post-pandemic,” according to the report at the time.
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