Today, the UK’s first embedded finance network, mmob, has announced the completion of a seed round at around €6 million. The investment was raised from a group of angel investors including high net worth individuals and senior banking executives.
Founded in 2020, mmob aims to deliver the onward journey of embedded finance for both financial and non-financial brands. The young startup is based and London and is led by founder and CEO Irfan Khan.
Mmob empowers consumer-facing fintech companies to supercharge their growth through the rapid integration and delivery of relevant products and services that meet their customers’ financial needs. Its close links to the banking sector has enabled it to execute and mobilise quickly. Since its inception, the company has built an impressive network of partners including PensionBee, iwoca, Cuckoo, Superscript, So-Sure, Anorak, and Uinsure.
Irfan Khan, CEO, explained: “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. However, ease of integration between providers is key to fueling 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’s embedded finance network has been engineered to eliminate the complexity, time, and resources consumer-facing fintech firms need to select and deploy partner-driven services. Through its API, brands can quickly and easily connect to mmob’s network of third-party partners (TPPs) and embed new services that drive customer engagement and retention.
James Gossip, investor and former Head of Strategy, and COO for HSBC in Malaysia, commented: “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. 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.”