Peanuds Puts Scalability First with Weavr Partnership

Peanuds, a company offering a convenient financial app for startups, freelancers and digitally-minded small and medium-sized enterprises (SMEs), has announced a strategic partnership with leading financial services provider Weavr.

Peanuds combines payments such as money transfers and cards with a team-based expense management platform. Together, they allow customers to create user profiles with custom roles and permissions, and assign dedicated payment cards with analytics to track usage. Weavr provides Peanuds with all the financial infrastructure they need, including virtual IBAN, physical and virtual cards, and multi-currency support. Peanuds builds on Weavr with an intuitive interface and a variety of expense management features that allow customers to scale their businesses and manage finances as quickly and efficiently as possible.

Peanuds is initially targeting digitally-savvy small businesses in digital nomad hubs like Cyprus, Malta, and Portugal. While these countries are incredibly popular with e-commerce companies, agencies, and other types of businesses, local banking systems often can’t meet their demands. Furthermore, the World Bank calculates that 40% of SMEs’ ​​financing needs are underserved by banks. For example, an e-commerce company can’t wait a week for a card and often needs many of them immediately to launch ad campaigns, pay for utilities, and cover invoices. Similarly, opening local bank accounts can often take weeks or months, which can be problematic for small projects that start without a finance team to manage the various implementations. While Peanuds’ initial target market is Cyprus, the platform can be used by businesses across Europe.

With a fully modular architecture that connects to different financial service providers, Peanuds caters to different types of users through a single platform and brand. The goal is to provide users with access to different accounts and services under a single login, envisioning a financial super app enabled by embedded finance. The embedded finance platform Weavr, as well as its Open Banking framework, provides the technical infrastructure to make this happen, being a central part of the Peanuds platform.

The partnership with Weavr represents a significant strategic step towards realizing the company’s product vision. By providing the necessary technical infrastructure and legal framework to deliver financial services efficiently, securely, and at scale, Weavr enables the Peanuds team to focus on their core strengths: building an exceptional product and user experience.

Peanuds chose Weavr as their launch and expansion partner due to their comprehensive feature set, highly competitive pricing, and, perhaps most importantly, transparent and easy-to-use technology.

Speaking about the new partnership, Florian Reike, Co-Founder of Peanuds, commented: “We are very happy to be working with Weavr. Their top-notch technology and guidance allow us to implement new capabilities and features in a very fast and agile manner. This product would not have been possible without the built-in finance. After extensive research, Weavr was definitely the best partner to launch with in our target market.”

Alex Mifsud, Co-Founder and CEO of Weavr, added: “Peanuds’ comprehensive suite of payment capabilities, combined with our embedded finance solutions, demonstrates the true potential of embedded finance, particularly in the area of ​​vendor finance. We are excited to support Peanuds in solidifying its position as a finance platform tailored specifically to a currently underserved target market and look forward to the positive impact this partnership will have on its users and the wider market.”