Embedded finance partnership platform Mmob, which works with alternative lenders such as Iwoca, has raised £5m in seed funding from a group of angel investors.
The money will be used to invest in the platform’s technology and to enter new markets such as Malaysia.
“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, chief executive of 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, and establish ourselves as the de facto leader and number one choice for embedded financial services moving forward.”
Mmob was established in 2020 and won authorisation from the Financial Conduct Authority (FCA) last year.
Read more: Iwoca joins Mmob amid embedded finance push
Its network of partners include a number of consumer-facing fintechs such as PensionBee, Iwoca, Cuckoo, Superscript, So-Sure, Anorak, and Uinsure. These partners can use Mmob’s consumer data to automate processes such as pre-filling application forms and card details, and setting up direct debits.
“With growth expected to increase from around £32bn in 2020 to over £100bn by 2026, embedded finance is one of the most exciting growth areas in fintech today,” said James Gossip, one of Mmob’s seed investors, and a former head of strategy and chief operating officer 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.”